- Valeura Energy Inc. (TSX:VLE; OTCQX:VLERF) is planning to restart oil production operations at the Wassana field five weeks after operations were suspended offshore Gulf of Thailand.
- Valeura suspended oil production June 28 as a precaution while inspecting an anomaly identified on the field’s mobile offshore production unit.
- Sean Guest, Valeura president and CEO, said production would resume as soon as possible.
- Shares of Valeura Energy Inc. were up 4.92 per cent, trading at C$4.48 at 12:51 pm ET Friday.
Valeura Energy Inc. (TSX:VLE; OTCQX:VLERF) is planning to restart oil production operations at the Wassana field five weeks after operations were suspended offshore Gulf of Thailand.
Valeura suspended oil production June 28 as a precaution to ensure a safe situation while inspecting an anomaly identified on one of the steel jack-up legs of the field’s mobile offshore production unit (MOPU).
According to a news release, an advanced underwater inspection, including magnetic particle inspection, led Valeura to conclude “that the observed anomaly (a crack within a weld) is superficial, and accordingly does not constitute a risk to the structural integrity of the facility.”
“I am pleased to be able to chart a clear way forward for the Wassana field which entails resuming production as soon as possible,” Sean Guest, Valeura president and CEO, said in a statement. “Our team of professionals have worked rapidly to confirm the integrity of our MOPU, providing the critical assurance we need to continue operating safely.”
The process of restarting production operations has begun, and the company stated it expects to achieve pre-suspension oil production rates of approximately 5,000 bbls/d (before royalties) within the week.
Valeura’s news release asserted it will continue to operate within its strict safety standards and will continue regular underwater inspections of its facilities and vessels to assure it meets ongoing asset integrity requirements.
Back in April, Valeura announced three oil discoveries off the coast of Thailand: Nong Yao, Niramai and Wassana North.
“We are pursuing growth aggressively across our portfolio, including the larger-scale redevelopment of the Wassana asset,” Guest said in Friday’s statement. “Front-end engineering and design work is progressing, and we are targeting readiness for a final investment decision on the project at approximately end 2024.”
Valeura Energy Inc. is a Calgary-based company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye.
Shares of Valeura Energy Inc. (TSX:VLE; OTCQX:VLERF) were up 4.92 per cent, trading at C$4.48 at 12:51 pm ET Friday.
Join the discussion: Find out what everybody’s saying about this company on the Valeura Energy Inc. Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo: Adobe Stock)
