# Valeura Energy Thailand drilling rig contract

- Link: https://www.directorstalkinterviews.com/valeura-energy-thailand-drilling-rig-contract/4121084898
- Published: 2022-10-04T07:09:07+01:00
- Author: Amilia Stone

Va**leura Energy Inc** ([TSX:VLE](https://www.directorstalkinterviews.com/company/valeura-energy-inc/vle.to)),
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.”_

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