Canadian indie ramps up production offshore Thailand

Valeura Energy has boosted production at its Nong Yao oilfield offshore Thailand following an infill drilling campaign.

The Canadian operator recently drilled two horizontal infill wells at Nong Yao on Block G11/48 in the Gulf of Thailand — operations that were completed ahead of schedule and under budget.

The wells respectively encountered approximately 1000 and 700 feet of net oil pay in their horizontal sections, confirming pre-drill reservoir simulation results. The duo has come on stream as oil producers at a combined initial gross rate of approximately 1350 barrels per day of crude.

The impact of the new Nong Yao wells, in addition to contributions from the indie’s Jasmine oilfield drilling programme earlier in the year, has boosted aggregate oil production Valeura’s portfolio during the first 11 days of June to 23,700 bpd net, up around 16% from the first quarter of 2023.

The jack-up rig Borr Mist has now been moved to the Manora oilfield where the operator plans to drill three wells aimed at increasing production from this Gulf of Thailand field and, by extension, adding to the economic life of the asset.

On completion of operations at Manora, anticipated in early August, Borr Drilling’s jack-up will move to Valeura’s Wassana field, also in the Gulf of Thailand, for a five-well infill drilling programme.

Article continues below the advert

Valeura chief executive, Sean Guest, commented: “Our Nong Yao drilling campaign has been a success and the results bolster our investment thesis that our assets offer the potential to add further value through increased production and new reserve additions through targeted infill drilling.

“To capitalise on this momentum, we have adjusted our drilling schedule such that we will now utilise only one rig to execute all our drilling plans in 2023. This change constitutes an important operational synergy between the former Mubadala Energy assets and the KrisEnergy assets.”

“As we continue to integrate the businesses we have acquired in Thailand, we are identifying more opportunities for efficiency gains as a further way to add value for our stakeholders,” said Guest.