Canada’s Valeura Energy, an experienced oil and gas exploration and production company, has recorded a major milestone with the first oil production at its Nong Yao C development, located offshore the Gulf of Thailand .
First oil production at Nong Yao C
This project, in which the company has a 90% operating interest, marks the beginning of a new growth phase for Valeura. Valeura in the Thai region. The company estimates a favorable performance in the extraction and production of crude oil.
[post_relacionado]On August 15, 2024, the first three of the seven wells planned for oil extraction were opened, reaching an initial production rate of 7,200 barrels per day(bbls/d). The Canadian company plans to gradually increase production to 11,000 bbls/d in the coming weeks.
Dr. Sean Guest, Valeura’s President and CEO, expressed his satisfaction with the start of production, highlighting that the drilling program has been executed efficiently and under budget. He further noted that all established geological targets have been achieved, reinforcing the company’s ability to maintain sustained production from the Nong Yao C field throughout 2024.
The inauguration and ceremony of the platform. Source: Valeura Energy
“I am very pleased to see first production from Valeura’s first organic growth project in the Gulf of Thailand. We have executed an efficient drilling program, which came in under budget and has achieved all of our geological targets, which we will now benefit from by bolstering the Company’s total production with this new production.”
Dr. Sean Guest, Valeura’s president and chief executive officer.
The company’s vision is to drill and extract, maintaining success in its main objectives. In addition, with the latest results obtained, it is increasing its reserves and resources directly, which generates a positive projection at the end of the year. This can form the basis for future infill drilling to support future planning.
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Source and photo: Valeura Energy