Valeura Energy Achieves Full Production at Nong Yao C Development
Valeura Energy, a Canadian upstream oil and gas company, has successfully reached full production capacity at its Nong Yao C development in the Gulf of Thailand, located in Licence G11/48. Production from the site began in mid-August, with plans to further boost output in the coming weeks. A seventh well is set to be added soon, which will increase production capacity and provide flexibility.
In a recent announcement, Valeura indicated it aims to ramp up production to around 11,000 barrels per day (bpd), a significant increase from the 7,200bpd it was producing earlier in August. Valeura holds a 90% interest in the Nong Yao field, with the remaining 10% owned by the Thai oil and gas firm, Palang Sophon.
In addition to the progress at Nong Yao, Valeura’s Wassana oil field is back in operation after being temporarily suspended in July due to a minor crack found in a weld. This issue was deemed superficial, and the field, located in the G10/48 concession, where Valeura holds a 100% stake, has since resumed production.
Valeura Energy’s president and CEO, Sean Guest, highlighted the smooth and rapid commissioning of the new facilities and the increase in production, which took place without any incidents. The company’s plans for the remainder of 2024 include drilling more infill development wells at the Jasmine and Manora fields, both also located in the Gulf of Thailand. Valeura holds a 100% interest in Jasmine and a 70% interest in Manora.
Earlier in April, Valeura made notable discoveries in the Nong Yao and Wassana oil fields, recovering over 150 feet of new oil. The company is committed to reinvesting in its portfolio of producing assets and plans to pursue both organic and inorganic growth across South East Asia and its operations in Türkiye.
Valeura Energy continues to expand its operations, focusing on both increased production and future development opportunities, positioning itself for long-term growth in the region.
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.
