Valeura Energy has taken a significant step towards expanding its oil activities by receiving approval from the Thai government to purchase a stake in two oil blocks in the Gulf of Thailand. This license pertains to the transfer of interests from PTT Exploration and Production Public Company (PTTEP) to Valeura and includes the blocks G1/65 and G3/65.
Details of the Agreement and Costs
According to the agreement, Valeura will acquire a 40% stake in these blocks by paying 40% of the previous costs to PTTEP. The total cost of this agreement, estimated until August 31, 2026, is approximately $25.6 million. This includes a $1.85 million deposit and costs related to three-dimensional explorations concentrated in an area of 163 square kilometers.
This agreement not only aids in the development of oil explorations but also facilitates the future plans of both companies for development and exploration in these blocks. Block G1/65, covering an area of approximately 8,487 square kilometers, is located adjacent to the Jasmine and Ban Yen oil fields of Valeura.
Priority Areas for Exploration
Two areas have been selected as initial priorities for exploratory and developmental activities. The Jarmjuree South area, which has rich gas and oil resources, is located between the producing fields of Benchamas and Platong, with four exploratory wells identifying oil and gas in several reservoir layers, significantly securing this opportunity.
The other area is Maratee-Bussaba, located near the Rossukon oil field and featuring combined and strategic structures identified as potential drilling targets.
Block G3/65, with an area of approximately 11,647 square kilometers, is located north of block G11/48 and has seven oil and gas discoveries. Exploratory activities in this block have led to the identification of 15 wells that have detected hydrocarbons.
With this agreement, Valeura Energy aims to expand its operational scope in Thailand and improve its infrastructure for processing oil and gas in the region. These efforts reflect the company's determination to increase production and enhance its economic status in Southeast Asia.
