Valeura Energy recorded an average production of 22,100 barrels per day (bpd) of oil in the third quarter of 2026. This production is in line with the progress of several offshore projects in Thailand, including the redevelopment of the Wassana field, the development of the Bussabong gas field, and the newly discovered Suraphi oil field.
Production and Revenue Details
Pre-tax production was fully in accordance with Valeura's plans for the quarter. The company sold 2.013 million barrels of oil at an average price of $97.40 per barrel, generating revenue of $196.1 million.
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Discovery of the Suraphi Oil Field
During this period, Valeura successfully discovered the Suraphi oil field in block G1/48, where the company holds a 90% operating interest. This discovery could aid in further oil development and extend the production life of the field near Manora.
Valeura also reached a final investment decision for the first phase of the Bussabong gas field development in block G3/65. The company holds a 40% non-operating interest in this block, and the Thai government has approved the transfer of this interest to Valeura. Completion of this project is expected in October.
Wassana Field Advancements
At the Wassana field in block G10/48, the construction of a new Central Processing Platform (CPP) was completed ahead of schedule on October 1. This platform and its associated jacket have been loaded onto vessels, and transportation and installation at sea will begin in October.
The installation of the oil export pipeline connecting this CPP to the floating storage and offloading vessel in the field was also completed in September. Valeura plans to commence development drilling at the Wassana field in late 2026, with first oil production from the CPP anticipated in early Q2 2027.
Valeura also achieved cumulative production of 100 million barrels from the Jasmine field on September 21. The company holds a 100% operating interest in this field.
Shawn Gist, President and CEO of Valeura, stated: "Our production in Q3 2026 was exactly in line with plan and reaffirms our expectations for the full year 2026." He added: "During this quarter, we advanced several strategic priorities, including securing government approvals for blocks G1/65 and G3/65 and the final investment decision for the first phase of gas development at the Bussabong field."
At the end of this quarter, Valeura continued its operations with $384.9 million in liquidity, including $15.8 million in restricted cash and no debt.
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