Canada-based oil and gas company Valeura Energy has restarted production from an oil field project in the Gulf of Thailand, following a shutdown due to an incident. As a result, the Canadian player is looking forward to kicking off its three-well drilling program on the field.
The production operations at the Wassana oil field in the Gulf of Thailand were temporarily suspended after the floating storage and offloading vessel (FSO) stationed at the field deviated from its intended position on July 6, 2023, and contacted the field’s catenary anchor leg mooring (CALM) buoy. Valeura is targeting an increase in rates to 4,500 bbls/d as a result of a five-well infill drilling program, which was slated to start in the second quarter of 2023. To this end, the company chartered the PV Drilling 1 jack-up rig.
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.
