Valeura Energy has recently succeeded in obtaining approval from the Thai government to enter two PTTEP blocks in the Gulf of Thailand. This transfer allows Valeura to acquire 40% working interests in the G1/65 and G3/65 blocks.
Details of the Agreement and Costs
The Thai cabinet approved the transfer of interests from PTTEP Energy Development Co., a subsidiary of PTT Exploration and Production (PTTEP), to Valeura. Under the agreement, Valeura will acquire 40% of the joint interests by paying 40% of PTTEP's previous costs and financing a 3D seismic study covering an area of 163 square kilometers in the Nong Yao concentration area in northeastern Thailand.
Read more: Significant Increase in LNG Transport Index with 20.44% Growth of New Forts Energy
Valeura has estimated its total costs under this agreement to be approximately $25.6 million by August 31, 2026. This amount includes a $1.85 million deposit paid and $2.8 million for the 3D seismic program it is responsible for.
Research and Development Plans
Previous costs include Valeura's share of 1,184 square kilometers of 3D seismic data already acquired in other areas of the blocks, as well as four exploratory wells to be drilled in 2025, geotechnical studies, permitting costs, and development planning.
Valeura and PTTEP are exchanging technical information to plan the next stages of exploration and potential development in these blocks. Valeura has stated that more details regarding this program will be announced in the coming dates.
Read more: 13% Increase in Iran's Oil Price in the Last 14 Days · Iran Introduced as the Leader in Global Gas Exploration
