Thailand Offshore Projects Progress as Valeura Energy Hits 22,100 bpd Production
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During the third quarter of 2026, Valeura Energy recorded an average oil production of 22,100 barrels per day (bpd) as it progressed several offshore projects in Thailand, including the Wassana redevelopment, the Bussabong gas project, and the newly discovered Suraphi oil field.
The company’s working-interest production before royalties aligned with its quarterly targets. Valeura sold 2.013 million barrels of oil at an average price of $97.40 per barrel, generating $196.1 million in revenue.
Key operational highlights from the quarter include:
* **Suraphi Discovery:** Valeura made an oil discovery at the Suraphi prospect on Block G1/48, where it holds a 90% operated working interest. The discovery is expected to support future development and extend the operational life of the nearby Manora field.
* **Bussabong Gas Field:** A final investment decision was reached for the first phase of development at the Bussabong gas field on Block G3/65. Valeura holds a 40% non-operated working interest in the block, which received approval for assignment from Thailand’s cabinet, with completion expected in October.
* **Wassana Redevelopment:** Onshore construction of a new central processing platform (CPP) for the Wassana field (Block G10/48) was completed ahead of schedule on October 1. Offshore transportation and installation of the jacket and CPP are set to begin in October. Additionally, the installation of an oil export pipeline linking the CPP to the floating storage and offloading vessel was completed in September. Development drilling is scheduled for late 2026, with first oil expected near the start of the second quarter of 2027. The project remains roughly two months ahead of its original timeline.
* **Jasmine Field Milestone:** On September 21, cumulative production at the 100% operated Jasmine field reached 100 million barrels.
Valeura’s President and CEO, Sean Guest, noted that the third-quarter production met expectations and aligned with full-year guidance. He highlighted key achievements, including securing government approvals for farm-ins on Blocks G1/65 and G3/65, alongside the final investment decision for the initial phase of the Bussabong gas development.
Valeura concluded the quarter debt-free, with cash reserves totaling $384.9 million, which included $15.8 million in restricted cash.
