Thailand’s oil and gas industry takes another step forward with the Cabinet’s approval of strategic concessions for three key fields in the Gulf of Thailand: Ton Coon Nuea, Bualuang, and Wassana. These decisions enhance the roles of industry leaders like PTTEP and Medco Energi while supporting public sector initiatives and long-term resource management.
The Ton Coon Nuea G12/48 field, now wholly controlled by PTTEP International following the transfer of a 33.33% stake from TotalEnergies EP Thailand, is poised to produce 10 million cubic metres of natural gas and 164 barrels of liquefied natural gas daily until 2035. This consolidation bolsters PTTEP’s portfolio and positions it for sustainable output over the field’s lifespan.
Bualuang’s B8/38 oil field sees its concession extended to October 2035 under Medco Energi Thailand, which aims to increase production capacity and deliver broader benefits, including a comprehensive carbon capture and storage study and improved water management. The field, with a production capacity of 46.2 million barrels, represents a cornerstone for Medco’s strategic growth and environmental initiatives.
For Wassana’s G10/48 field, the Cabinet approved an 11% concession transfer from Palang Sophon to Valeura Energy (Thailand), raising Valeura’s control to 75%. With this adjustment, Valeura gains a stronger foothold in the Gulf, ensuring sustained production and contributing to oil reserve development until 2035.
These strategic moves highlight the Energy Ministry’s commitment to fostering public sector benefits, from increased oil reserves to revenue generation. Moreover, TotalEnergies EP Thailand’s interest in upcoming Andaman Sea concessions, with bidding set for mid-2025, signals continued international investment in Thailand’s energy future.
As Thailand’s energy landscape evolves, these developments underline the nation’s commitment to resource optimisation, innovation, and economic growth.
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.
