Valeura fast-tracks Southeast Asian project: First oil now on the cards for early Q2 2027

September 1, 2026, by Melisa Cavcic

Canadian oil and gas company Valeura Energy is accelerating the redevelopment of its field in the Gulf of Thailand by bringing the project’s potential first oil forward to the early second quarter of 2027, around two months ahead of its original schedule.

Shelf Enterprise, formerly known as Maersk Completer, rig; Source: Shelf Drilling, part of ADES — Shelf Enterprise, formerly known as Maersk Completer, rig; Source: Maersk Drilling (archive), now part of Noble

Valeura Energy has disclosed its intention to accelerate its Wassana field redevelopment project on block G10/48 off the coast of Thailand. The firm has finalized all commercial arrangements and contractual amendments to start installation of the Wassana central processing platform (CPP) in October 2026, approximately two months earlier than originally planned.

The firm has sent notification to its drilling contractor to start its charter of the Shelf Enterprise rig on November 1, 2026, to initially drill Nong Yao wells through the Nong Yao A facility’s additional well slots and support earlier development drilling on the Wassana field.

Dr. Sean Guest, President and CEO, commented: “Work on our new-build central processing platform (CPP) is proceeding on budget and remains ahead of schedule, with facility construction (also known as mechanical completion) in the yard expected to be complete by 01 October 2026.

“We are now taking the opportunity to install the facility earlier than originally planned, leading to the potential for first oil from the new development at approximately the beginning of Q2 2027.”

While emphasizing that the costs for the Wassana redevelopment are on budget, the company anticipates that accelerating the project, including the corresponding drilling activity, will result in additional 2026 spending, mainly reflecting a shift from its 2027 budget into 2026.

As a result, the firm’s new full-year 2026 adjusted capex guidance, including exploration spend, is $220 – 235 million, which is higher than the previous $195 – 215 million.

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Given the anticipated production plateau rate of approximately 7,500 bbls/d from the new CPP, Valeura anticipates that a two-month acceleration in start-up will result in around 430,000 bbls of additional oil production in 2027, versus the original project plan.

The firm confirmed a final investment decision in 2025 to redevelop its Wassana field by deploying a new-build CPP to commercialize more oil volumes than would be possible with the existing production facility, the mobile offshore production unit (MOPU) Ingenium, which is due for decommissioning at roughly the end of 2027.

The redevelopment project has led to an increase in the total anticipated recoverable oil volumes and an extension in the anticipated end of economic life of the field. The CPP has been designed to facilitate the tie-in of additional satellite production facilities, which may be built in the future to develop additional accumulations of oil both to the north and south of this field.

Recent mapping of the area south of the Wassana field has identified significant additional oil volumes, and the company is currently reviewing exploration drilling options to fully assess the satellite potential.

“As Valeura’s first organic greenfield development in Thailand, and the largest capital venture ever undertaken by our company, I am very pleased that this project is exceeding our expectations,” added Guest.