Canada-based oil and gas company Valeura Energy has reached a production milestone from an oil field in the Gulf of Thailand, marking it as a “remarkable achievement” .
Valeura Energy announced that as of 15 May, the Jasmine oil field had produced its 90 millionth barrel of oil, greatly exceeding the expectations set at its original development sanction in 2004 of approximately seven million barrels.
According to Sean Guest , the company’s President and CEO, it is “exceptional” that after having recovered more than 12 times that amount since the field’s first production in 2005, Valeura has verified Proved and Probable reserves of more than 10 million barrels and continues to find opportunities for infill drilling aimed at further reserves replacement.
“This is a remarkable achievement for the team who have overseen the ongoing development and maintenance of the Jasmine/Ban Yen oil field,” Guest said.
“While much of the field’s life has been under the leadership of the previous operator, it is with great pride that we can say this outstanding group is now part of the Valeura organisation. I am grateful to the team’s steadfast commitment to safe operations and efficient delivery of value from this, our largest producing asset.”
Valeura Energy also notes that drilling operations to date in 2023 have both increased production rates and identified new development targets which will form the basis of a work plan for 2024 and beyond.
To remind, the Canadian company became a holder of a 100 per cent operated interest in license B5/27, containing the Jasmine and Ban Yen oil fields, earlier this year after it had wrapped up the acquisition of upstream oil-producing assets from Mubadala Petroleum’s subsidiary, Busrakham Oil and Gas.
The transaction also saw Valeura Energy take a 90 per cent operated working interest in license G11/48, containing the Nong Yao oil field; and a 70 per cent operated working interest in license G1/48, containing the Manora oil field.
In terms of the most recent company-related news, the oil and gas company last month restarted production from another oil field project in the Gulf of Thailand and increased its interest in the license containing this field.