Valeura Energy has built a focused offshore oil portfolio in the Gulf of Thailand, combining producing assets with redevelopment and appraisal opportunities. The company operates four licences and holds interests ranging from 70% to 100%, giving it strong control over development timing, capital allocation and field operations.
The portfolio includes the Jasmine and Ban Yen, Manora, Wassana and Nong Yao fields. Each asset plays a different role. Jasmine and Ban Yen provide established production and infrastructure. Manora is a smaller, mature producing field. Wassana is moving towards redevelopment. Nong Yao offers current production alongside further development potential.
Licence B5/27 contains the Jasmine and Ban Yen fields, where Valeura holds a 100% operated interest. The fields produce light sweet crude oil from multiple Miocene reservoirs and contain combined gross 2P reserves of 21.2 million barrels before royalties, based on the company’s stated year-end 2025 assessment.
Production is supported by pipelines, six topside facilities and a leased floating production, storage and offloading vessel. This infrastructure gives Valeura an established operating base and reduces the need for major new facilities to support ongoing field activity. The main challenge is managing production from mature reservoirs while maintaining cost discipline and extending reserve life.
Licence G1/48 contains the Manora field. Valeura operates the licence with a 70% working interest, with TIS Energy holding the remaining 30%. Manora produces medium-weight sweet crude oil and contains 2.9 million barrels of gross 2P reserves before royalties on a working-interest-share basis.
The field is developed through a fixed wellhead and processing platform connected to a floating storage and offloading vessel owned by Valeura. Manora has a smaller reserve base than the company’s other Thai assets, but its existing infrastructure allows it to continue contributing production without requiring a separate development system. Its value depends on maintaining reliable operations and controlling expenditure as the field matures.
Licence G10/48 contains the Wassana field and is fully owned and operated by Valeura. The field holds estimated gross 2P reserves of 19.7 million barrels before royalties.
Production had been suspended by the previous owner before Valeura restarted operations. Subsequent exploration and appraisal work supported a wider redevelopment plan, and the company approved the project in the second quarter of 2025.
The redevelopment is centred on a new processing platform, with production scheduled to begin in the second quarter of 2027. This is one of the clearest growth projects in Valeura’s Thai portfolio. The project also introduces construction, commissioning and cost risks, making delivery against schedule an important measure of execution.
Licence G11/48 contains the Nong Yao field. Valeura holds a 90% operated interest, while Palang Sophon owns the remaining 10%. Nong Yao produces medium sweet crude oil and contains 13.9 million barrels of gross 2P reserves before royalties on a working-interest-share basis.
The field operates through two wellhead platforms, a mobile offshore production unit and a Valeura-owned floating storage and offloading vessel. The Nong Yao C accumulation started production in the second quarter of 2024, extending the developed area of the licence.
Valeura has also identified several smaller oil accumulations within the block. These remain under review and have not yet moved into committed development. They provide future options, but further technical and commercial work will be needed before capital is approved.
Across the four licences, Valeura has a clear mix of current production, mature-field management and defined development activity. Full ownership of Jasmine, Ban Yen and Wassana gives the company direct control over operating and investment decisions. Majority ownership of Manora and Nong Yao provides further production exposure while sharing some project risk with partners.
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.
