There were more near field exploration targets planned for 2024. These, it said, would support further expansion at the project. Valeura has raised the possibility of a Nong Yao D platform to follow Nong Yao C.
“This campaign focused on the area first developed at Nong Yao, and illustrates our team’s ability to add volumes through infill drilling and to extend the economic life of our legacy producing assets.”
“We're both highly motivated to get the asset back up and operating again. They have a vessel they put capital into. They obviously want to be getting paid and making a return on that,” he said.
The drilling could inform decisions on another 20 production wells. Expanding the Wassana facility would involve more wellhead and oil processing structures, it said.
Valeura launched an office in Singapore earlier this year, where executives will be based. Today, it also announced the replacement of KPMG Canada as auditor with Deloitte & Touche (Singapore).
Valeura is carrying out refurbishment work on the FPSO, worth $9mn. This is intended to ensure ongoing reliability and extend its class certification.
Support for doing deals has been buoyed as a result of the European gas supply crisis, the CEO said. “There's an appreciation that we're going to need hydrocarbons and I think the money markets are seeing that as well,” he said, even while “trying to get an RBL from a bank is not going to happen”.
Mubadala Energy has agreed to sell three oilfields offshore Thailand to Valeura Energy. The Canadian company claims the acquisition will make it the largest independent operator of oil production in Thailand.
Canada’s Valeura Energy will buy two operated licences offshore Thailand from Singapore’s KrisEnergy, which was forced into liquidation last year, for a price of $3.1 million. There will also be certain contingent payments of up to a further $7 million related to future development milestones, said Valeura Energy.
Statoil has entered a binding letter agreement into two exploration licenses in the Thrace region in the European north-western part of Turkey.