Valeura Energy is progressing several offshore development projects in Thailand as it seeks to sustain production, develop new resources and extend the productive life of its existing assets. The company reported average working-interest production of 22,100 barrels of oil per day in the third quarter of 2026, alongside cash of US$384.9 million and no debt, providing financial flexibility for its development programme.
A key development is the redevelopment of the Wassana oil field in the Gulf of Thailand. Offshore installation of a new central processing platform began in October, approximately two months ahead of schedule. Onshore construction was completed on 1 October, while installation of the oil export pipeline connecting the platform to the field’s floating storage and offloading vessel was completed in September.
The new platform is designed to support production from Wassana and accommodate potential future connections to nearby oil accumulations. Valeura expects the facility to reach a production plateau of approximately 7,500 barrels per day. Bringing the project forward by around two months is expected to add approximately 430,000 barrels of oil production in 2027 compared with the original development schedule.
Development drilling is planned to begin towards the end of 2026, with first oil from the new platform expected around the beginning of the second quarter of 2027. The project is intended to develop additional reserves beyond those achievable using the existing mobile offshore production unit, Ingenium, which is due to be decommissioned around the end of 2027.
Valeura is also advancing exploration and development opportunities elsewhere in Thailand. During the third quarter, the company announced an oil discovery at the Suraphi field on Block G1/48, where it holds a 90% operated working interest. The discovery could support further oil development and potentially extend the productive life of the nearby Manora field. The company is assessing the potential for additional exploration and development in the surrounding area.
In the gas sector, Valeura reached a final investment decision on the first phase of development at the Bussabong gas field on Block G3/65. The company holds a 40% non-operated working interest, with the assignment of its interest subject to the relevant completion process. The project provides another opportunity to expand its resource base beyond existing oil production.
Operational performance during the third quarter remained in line with management’s plans. The company sold 2.013 million barrels of oil at an average realised price of US$97.40 per barrel, generating revenue of US$196.1 million. This included US$22.5 million in crude oil receivables relating to sales made shortly before the end of the quarter, which Valeura expected to collect early in the fourth quarter.
The company’s financial position also remained strong. Cash reached US$384.9 million at 30 September 2026, including US$15.8 million of restricted cash, with no debt outstanding. This provides a source of funding for planned development and exploration activities, although future expenditure and project returns will remain dependent on operational delivery, commodity prices and costs.
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.
