Canadian independent Valeura Energy is forging ahead with the expansion of its Nong Yao oilfield offshore Thailand, where it intends to boost production by 50% next year.
In the third quarter of this year, Valeura completed construction of a three-kilometre pipeline at the Nong Yao field to tie existing infrastructure into the mobile offshore production unit (MOPU), that is anticipated to be mobilised to the field in early 2024.
Former Nong Yao operator Mubadala Energy in September last year awarded Malaysian services company T7 Global a 400 million ringgit (US$84.25 million) contract to supply the MOPU for the Nong Yao C expansion project.
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.
