Valeura Energy is looking to spend about $75 million over the next two years on developing the Nong Yao C oil accumulation in the Gulf of Thailand.
This year’s expenditure will go toward installing a new mobile offshore production unit, currently under construction but expected to mobilize to the field during the fourth quarter, with development drilling starting shortly afterward.
The company expects to drill the first four of nine planned wells by year-end, with first oil following in first-quarter 2024. It is targeting about 11,000 bbl/d net from the development later next year.
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.