Good news: The Nongyao C petroleum production platform project in the Gulf of Thailand has started producing crude oil, which is expected to maintain the Nongyao field’s daily crude oil production rate at 11,000 barrels as planned.
Valura Energy Limited (TSX:VLE, OTCQX:VLERF) announced the successful production of first oil from the Nongyao C Project, exploration block G11/48 (90% operating interest) in the Gulf of Thailand on August 15, 2024. The Company commenced the first production of crude oil from the Nongyao C Project, initially producing crude oil from 3 production wells, and the Company will gradually produce oil from all 7 production wells in the near future. The Company is committed to increasing the daily production rate of the Nongyao field to 11,000 barrels per day as planned.
Currently, the Nongyao field’s crude oil production rate in the first half of August is 7,200 barrels per day (for the company’s portion only), and Valura aims to maintain the Nongyao field’s production rate at approxim
ately 11,000 barrels per day throughout 2024.
Valura President and CEO Sean Guest said that he is very pleased to see the start of oil production from the Nongyao C platform, an organic growth project that was drilled efficiently and under budget, while achieving all targets for drilling within the geologic potential.
This development project also plays an important role in increasing the Company’s crude oil production volume and the project’s drilling plan has also led us to successfully find other upside targets, which are factors affecting this year’s petroleum reserves and resources.
Source: Thai News Agency