11th Dec 2023 14:27
(Alliance News) - Valeura Energy Inc on Monday said it has restarted oil production at the Wassana offshore field in the Gulf of Thailand.
The Alberta, Canada-based Thailand and Turkey-focused oil and gas company said production resumed safely on Friday last week.
In the coming days, Valeura intends to mobilise its contracted drilling rig to the field. Once in position, it said further wells will be brought online to ramp up production volumes.
Valeura said it plans to conduct an infill drilling programme comprised of three production-oriented horizontal development wells targeting deeper reservoir intervals within the field.
"The immediate contribution of production is a welcome addition to our portfolio, and moreover, with all aspects of the field now being conducted in accordance with our high standards for operational excellence, we are turning our attention immediately to growth," said Chief Executive Officer Sean Guest.
"We have a brief window of opportunity in our overall drilling sequence plan to drill three wells at Wassana commencing later this month, which we anticipate will increase production capacity to over 4,000 [barrels per day], before re-deploying the rig to our Nong Yao C development early in 2024.
"Our team is also working toward a potential longer-term re-development of the Wassana field, to commercialise the two appraisal discoveries we made in [the third quarter of] 2023 by adding reserves and expanding the overall capacity of the field. Concept selection work is progressing with excitement as we begin to re-frame the Wassana asset as a meaningful source of organic growth within our portfolio."
Valeura said it plans on making a final decision on expanding the Wasssan field in 2024.
Shares in Valeura Energy closed flat at CAD3.04 each in Toronto on Friday.
By Greg Rosenvinge, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.