Singapore-headquartered Valeura Energy is forging ahead with the expansion of its Nong Yao oilfield offshore Thailand, with start-up of the C extension expected in June.
The Toronto-listed operator is investing US$47 million net to expand its producing Nong Yao field through the exploitation of the Nong Yao C accumulation. Valeura next month expects to transport a mobile offshore production unit (MOPU) to the field where it will be connected via a pipeline to the existing field infrastructure and will serve as the wellhead production platform for the Nong Yao C field extension.
“As soon as practical” after installation and commissioning, Valeura intends to begin drilling a programme of nine development wells — six producers and three water injectors — and in tandem with carry out debottlenecking works on the existing facilities to accommodate the new production. First oil is expected in June 2024 and, when ramped up in the following months, the company is targeting peak output of approximately 11,000 barrels per day, net to its 90% working interest.
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.
