Valeura Energy has announced plans to invest $8 million in pursuing exploration opportunities within its licenses offshore Thailand, and a total Capex in 2024 of $135 – $155 million. 

The company has identified exploration opportunities at Wassana North, Nong Yao D, and the Ratree Prospect, located near the Jasmine field. Final drilling sequencing and timing will be determined through ongoing work to optimise the drilling programme around Valeura’s development drilling plans. Approximately 75% of the company’s Capex is directed towards drilling. Valeura intends to have one drilling rig under contract for the entire year and to conduct a continuous drilling programme covering each of its fields. The drilling sequence itself is subject to ongoing real-time optimisation, Valeura said. Valeura has been conducting drilling operations in Thailand using Borr Drilling’s 350-ft jackup Mist. The rig is currently contracted through August 2024, with Valeura having an extension option that, if exercised, should keep the Mist busy until the end of 2025. The company said in December it would mobilise the rig to the Wassana field, which resumed production on 8 December. The rig, currently located in the vicinity of the MOPU Ingenium, will drill three wells at Wassana, to boost the field’s production capacity to over 4,000 bbl/d. The Mist will then be redeployed to the Nong Yao C development early in 2024. 

During Q4 2023, Valeura completed an infill drilling programme on the Jasmine field, and then an infill drilling programme on the Nong Yao field. Valeura drilled a total of 26 wells throughout 2023.

KeyFacts Energy: Valeura Energy Thailand country profile   l   KeyFacts Energy: CapEx news