CALGARY, Canada — Valeura Energy Asia has an agreement to acquire the Thai upstream oil producing portfolio of Mubadala Energy subsidiary Busrakham Oil and Gas.
The package comprises operated interests in three offshore licenses in the Gulf of Thailand that contain the Nong Yao, Jasmine/Ban Yen and Manora oil fields, which produce about 21,200 bbl/d (net).
Valeura has agreed to pay $10.4 million and up to a further $50 million, depending on future upside price scenarios.
The company estimates the average opex costs for the assets at about $22/bbl, with proven plus probable (2P) reserves of close to 24.1 MMbbl.
Valeura sees potential for near-term production growth through the Nong Yao field development, which is planned to come onstream in early 2024, and there are field life extension opportunities through ongoing infill drilling.
The organization includes a 180-strong workforce in Thailand, with likely synergies with the company’s recently acquired assets from KrisEnergy in the Gulf of Thailand.
Valeura President and CEO Sean Guest said, “Forward efforts will focus on…further development of the Nong Yao field where we are forecasting peak production rates in 2024, re-investment into the Jasmine and Ban Yen fields to continue their long history of reserves replacement, and on selective step-out opportunities where we see the potential to more fully utilize the fields’ extensive infrastructure to commercialize new accumulations.”