Canada-based oil and gas company Valeura Energy has outlined its plans for 2024, which entail a drilling program across multiple offshore fields in the Gulf of Thailand to boost production. The lion’s share of the firm’s multi-million capex has been earmarked to bring these drilling objectives to life.
Valeura’s planned total capex for 2024 is $135 – 155 million, in addition to approximately $8 million in planned exploration drilling. According to the Canadian player, approximately 75% of its capex is directed toward drilling and the firm intends to have one drilling rig under contract for the entire year to conduct a continuous drilling program covering each of its fields.
However, the drilling sequence is subject to ongoing real-time optimization. The firm’s Opex guidance for 2024 is $205 – 235 million, which equates to approximately $26/bbl, including the extra costs to lease and operate the new Nong Yao C production facility.
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.
