THAILAND — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF), a Canadian oil and gas company, has announced the planned restart of production operations at its Wassana field, located offshore in the Gulf of Thailand.
The decision follows a precautionary suspension of oil production on June 28, 2024, due to an anomaly identified on one of the steel jack-up legs of the field’s mobile offshore production unit (MOPU).
Advanced underwater inspections, including magnetic particle inspection, revealed that the anomaly — a crack within a weld — was superficial and did not compromise the structural integrity of the facility.
The company has initiated the process to resume production, aiming to achieve pre-suspension oil production rates of approximately 5,000 barrels per day (bbls/d) before royalties within the week.
Valeura Energy emphasises its commitment to maintaining strict safety standards and will continue regular underwater inspections to ensure ongoing asset integrity.
Sean Guest, President and CEO of Valeura Energy, expressed satisfaction with the progress, stating, “I am pleased to be able to chart a clear way forward for the Wassana field which entails resuming production as soon as possible. Our team of professionals have worked rapidly to confirm the integrity of our MOPU, providing the critical assurance we need to continue operating safely”.
In addition to resuming production, Valeura is pursuing aggressive growth plans, including the redevelopment of the Wassana asset.
The company is advancing front-end engineering and design work, targeting readiness for a final investment decision on the project by the end of 2024.