Valeura Energy
(Source: Valeura Energy)
  • Valeura (VLE) has contracted a storage tanker for its Wassana oil field offshore the Gulf of Thailand
  • The definitive agreement is with PT Samudra Alam Transport, a subsidiary of PT Buana Lintas Lautan Tbk
  • The vessel, MT Jaka Tarub, has a storage capacity of 460,000 bbls and is expected to arrive at the field in early January 2023, with production scheduled to resume shortly thereafter
  • Valeura Energy is engaged in the exploration, development and production of petroleum and natural gas in Thailand and Turkey
  • Valeura (VLE) is unchanged, trading at $0.65 per share

Valeura (VLE) has contracted a storage tanker for its Wassana oil field offshore the Gulf of Thailand.

The definitive agreement is with PT Samudra Alam Transport, a subsidiary of PT Buana Lintas Lautan Tbk.

The vessel, MT Jaka Tarub, is a Panamax-sized tanker with a storage capacity of 460,000 bbls. Modification work scheduled for December 2022 will make the tanker compatible with Wassana’s mooring and crude oil offloading systems.

The MT Jaka Tarub is expected to arrive in the field in early January 2023. Valeura intends to resume production as soon as possible thereafter, targeting initial rates of up to 3,000 bbls/d.

Production volume is net to the 89-per-cent working interest held by Valeura’s special purpose vehicle subsidiary, Valeura Energy Asia.

The news follows the chartering of a drill rig announced early last month.

Valeura Energy is engaged in the exploration, development and production of petroleum and natural gas in Thailand and Turkey, with ongoing inorganic expansion in Southeast Asia.

Valeura (VLE) is unchanged, trading at $0.65 per share as of 11:37 am ET.


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