Canadian independent Valeura Energy has finally restarted production at its Wassana oilfield offshore Thailand, where the company next year is eying the final investment decision to expand the asset.
Valeura is working towards a potential longer-term redevelopment of Wassana to commercialise the two appraisal discoveries it made in the third quarter by adding reserves and expanding the overall capacity of the field. Concept selection work is progressing, and the operator anticipates taking a final investment decision next year on the expansion.
Crude started flowing again on Friday from Wassana, which is located in the Gulf of Thailand. In the coming days, Valeura intends to mobilise its contracted drilling rig to the field and, once in position, further wells will be brought on stream to ramp up production volumes.
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.
