Valeura Energy has resumed oil production at the Wassana Field in the Gulf of Thailand after a temporary halt. The company had paused operations in late June as a precautionary measure when inspections revealed a crack in a weld on one of the mobile offshore production unit’s (MOPU) steel jackup legs. After further analysis, including magnetic particle inspection, it was determined that the crack was only superficial and posed no threat to the platform’s structural integrity.
Production is expected to return to its previous level of around 5,000 barrels per day (bbl/d) within a few days, prior to the deduction of royalties. Valeura will continue to perform regular underwater inspections of its facilities and vessels to ensure they meet asset integrity standards.
President and CEO Sean Guest stated that the company is also aggressively pursuing growth throughout its portfolio, including the redevelopment of the Wassana asset. The front-end engineering and design work for this project is advancing, with a target to be ready for a final investment decision by the end of 2024.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
