Valeura Energy is accelerating the Wassana field redevelopment in the Gulf of Thailand, with first oil now targeted for early in the second quarter of 2027.
The company has brought forward installation of the new central processing platform to October 2026, around two months earlier than previously planned. Mechanical completion of the platform is expected by 1 October 2026, allowing offshore installation to begin soon after.
The earlier schedule also brings forward drilling activity and part of the project’s capital spending. Valeura has increased its 2026 adjusted capital expenditure guidance, including exploration, to $220 million to $235 million from $195 million to $215 million.
The company said the Wassana redevelopment remains within budget. The increase in 2026 spending mainly reflects expenditure that had previously been expected in 2027 but will now occur earlier because the project schedule has been accelerated.
The higher near-term spending does not represent a stated increase in the overall redevelopment cost. Instead, Valeura is moving cash outflows forward in exchange for an earlier production start.
The new Wassana development is expected to reach plateau production of about 7,500 barrels of oil per day. Valeura estimates that the revised schedule could add approximately 430,000 barrels of production in 2027 compared with the previous timetable.
The company is also preparing to begin development drilling sooner. The Shelf Enterprise jack-up rig is expected to start its charter on 1 November 2026. It will initially drill at Valeura’s Nong Yao field before moving to Wassana to support the redevelopment programme.
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.
