Valeura Energy Thailand drilling rig contract

Valeura Energy Inc

Valeura Energy Inc (TSX:VLE), the upstream oil and gas company with assets offshore Gulf of Thailand and the Thrace Basin of Turkey, has announced that it has agreed with Petrovietnam Drilling and Well Service Corporation to charter the PV Drilling I jack-up drilling rig to support its Gulf of Thailand operations in 2023.

The PV Drilling I rig is expected to mobilise to the Wassana oil field in mid Q2 2023, where it will conduct an initial scope of work comprised of the Company’s five well infill drilling programme.  The arrangement includes an option to extend the scope of work thereafter, to include additional drilling operations at the Company’s discretion.

Valeura reiterates its previous target that it expects to re-start production from the Wassana oil field in Q4 2022, with initial oil production rates of up to 3,000 bbls/d (net to the 89% working interest held by Valeura’s subsidiaries) and is targeting an increase to approximately 4,500 bbls/d (net) as a result of the 2023 infill drilling programme.  The Company is continuing to make good progress on the key work streams in support of production re-start at Wassana, including securing the recertification of the field’s Mobile Offshore Production Unit facility and procuring a suitable Floating Storage and Offloading Vessel.

Sean Guest, Valeura Energy President and CEO commented:

“We remain confident in our ability to resume oil production at the Wassana field later this quarter.  With positive progress on all key work streams, supporting the return to active production operations, we are already setting our sights on our growth targets, and with this drilling rig contract in place we will be well-prepared to increase production in 2023.”

We’ll keep you in the loop!

Join 1,000's of investors who read our articles first

We don’t spam! Read our privacy policy for more info.

Share on:
Find more news, interviews, share price & company profile here for:

Valeura Energy approves Wassana redevelopment targeting 10,000 bbls/d by 2027

Valeura Energy Inc. announces a significant final investment decision for the Wassana field redevelopment, set to boost production and shareholder value by 2027.

Valeura Energy reports strong Q1 2025 production and cashflow

Valeura Energy Inc. has released its Q1 2025 financial results, showcasing strong oil production and cash flow growth amid strategic corporate restructuring.

Valeura Energy delivers strong Q1 2025 with US$238m cash and no debt

Valeura Energy Inc (TSX:VLE) reports strong Q1 2025 operations, highlighting increased cash flow, safety, and continued resilience amid market volatility.

Valeura Energy reports record 2024 with higher production, revenue and reserves

Valeura Energy Inc (TSX:VLE) has released its robust financial results for 2024, showcasing record production, revenue, and an impressive reserves replacement ratio.

Valeura Energy boosts output with successful Manora drilling campaign

Valeura Energy Inc. has successfully completed an infill drilling campaign at the Manora field in the Gulf of Thailand, boosting oil production and identifying promising development targets.

Valeura Energy achieves record reserves and US$1 billion NAV

Valeura Energy Inc. has unveiled its robust year-end 2024 reserves assessment, showcasing record-high reserves and significant growth in asset value.

Search

Search