Valeura Energy, a Canadian oil and gas firm, has carved a significant presence in the Gulf of Thailand, strategically positioning itself as one of the leading producers in the region. Since acquiring assets from KrisEnergy and Mubadala Energy in 2022 and 2023, Valeura has demonstrated rapid growth and operational success, underpinned by Thailand’s prolific hydrocarbon resources and supportive regulatory environment. The company’s efficient production techniques and disciplined approach to expansion have enabled it to steadily increase output while maintaining low operational costs.
One of Valeura’s notable successes is its development at the Nong Yao field (90% ownership), where it launched the “Nong Yao C” expansion project. This recent endeavour, completed in mid-August 2024, involved drilling six horizontal development wells and implementing a water injection system. This phase significantly boosted the field’s production from 7,000 to approximately 11,600 barrels per day by late September, with drilling costs coming in 25% below budget due to efficient execution. This milestone not only highlights Valeura’s operational expertise but also supports its cash flow goals and production targets across the region.
Valeura has also made substantial progress in its other Thai assets. In the Jasmine field, the company completed two horizontal infill wells that met and exceeded production expectations. Additionally, Valeura resumed production in August at its Wassana field after temporarily halting operations to conduct structural assessments on its mobile offshore production unit. Through these efforts, Valeura continues to achieve a high reserves replacement ratio, adding 219% of produced reserves back into its portfolio and setting a strong foundation for future growth.
Valeura Energy’s strategic advancements in Thailand underscore its commitment to sustainable expansion within Southeast Asia’s energy sector. The company’s Thai portfolio, spanning multiple licences and supported by favourable market conditions, positions it as a key player poised to capitalise on both organic growth and potential acquisitions. This approach has ensured Valeura a resilient financial standing, supported by strong cash flows and operational efficiency in the Gulf of Thailand.
