Valeura Energy Approves Bussabong Gas Field Development in Gulf of Thailand

Valeura Energy Inc. has formally approved the development of the Bussabong gas field in the offshore Gulf of Thailand, marking its first organic gas project in Thailand. The partnership with PTTEP Energy Development Company Limited includes a 40% non-operated working interest in Block G3/65, following Thailand’s cabinet approval for the transfer of the working interest to Valeura, expected in late September or early October. The project is set to invest approximately $55 million in net capital expenditures over two years, covering facilities, pipelines, and 25 development wells, with no spending planned in 2026. First gas production is targeted for late 2028, with sales gas production expected to reach 30 million cubic feet per day by 2029, including Valeura’s share of 12 million cubic feet per day. Production is projected to rise to 40 million cubic feet per day by 2030, with Valeura’s share at 16 million cubic feet per day. The project includes two gas wellhead platforms with 24 well slots each, connected via a nine-kilometer subsea pipeline to processing infrastructure at the Bongkot gas field, deployed in water depths between 75 and 90 meters. Gas sales agreements are pending formalization with regulators and customers, with pricing tied to a Thai domestic commodity basket including fuel oil.