Valeura Energy Inc. is making preparations to recommence oil production operations at the Wassana field after a five-week suspension offshore Gulf of Thailand. The production was temporarily halted on June 28 as a precautionary measure due to an anomaly detected on the field’s mobile offshore production unit.
Sean Guest, President and CEO of Valeura, has announced that production will resume promptly. The company’s stock saw a 4.92% increase, trading at C$4.48 at 12:51 pm ET on Friday.
An underwater inspection conducted by Valeura determined that the anomaly identified on one of the steel jack-up legs of the mobile offshore production unit did not pose a risk to the structural integrity of the facility. As a result, the company is confident in resuming operations safely.
The process of restarting production operations has already begun, with Valeura expecting to reach pre-suspension oil production rates of approximately 5,000 bbls/d within the week. The company remains committed to upholding strict safety standards and conducting regular inspections to ensure asset integrity.
In addition to the Wassana field, Valeura revealed three oil discoveries off the coast of Thailand earlier this year. The company is actively pursuing growth opportunities across its portfolio, including the redevelopment of the Wassana asset. Front-end engineering and design work for the project are progressing well, with a final investment decision expected by the end of 2024.
Valeura Energy Inc. is a Calgary-based company involved in the exploration, development, and production of petroleum and natural gas in Thailand and Türkiye. Investors are encouraged to conduct their own research and not rely solely on the information provided in this article as investment advice.
