Image: PTTEP
Valeura Energy Inc. has entered into a farm-in agreement with PTT Exploration and Production Plc (PTTEP) to earn a 40% interest in Blocks G1/65 and G3/65, in the offshore Gulf of Thailand.
Key highlights
Strategic Partnership: Farm-in Agreement with PTTEP, the largest oil and gas explorer, producer, and operator in Thailand;
Substantial Acreage Expansion: Increases Valeura’s gross acreage position in Thailand from 2,623 km² to 22,757 km²;
Prime Location Adjacent to Major Infrastructure: The Blocks are strategically positioned next to some of Thailand’s largest producing gas fields and Valeura’s oil fields;
Discoveries: 15 oil and gas discoveries on the Blocks, supported by 27 wells which encountered oil and gas pay;
Infrastructure-Led Growth: Existing discoveries and exploration prospects that the Company believes can be tied back quickly to existing oil and gas infrastructure; and
Immediate Activity: Exploration and appraisal work already underway with 3D seismic acquisition planned to commence in the coming months.
“The spirit of collaboration between Valeura and PTTEP is strong, and we are excited to begin work on this vast swath of prospective acreage in the Gulf of Thailand with the potential for both near and long-term natural gas and oil developments,” said Dr. Sean Guest, President and CEO of Valeura. “PTTEP has an unparalleled depth of knowledge in Thailand and a proven track record of exploration and development success both in Thailand and throughout the Southeast Asia region.”
“Acquiring an interest in these Blocks increases our acreage in the offshore Gulf of Thailand substantially, and provides us with existing discoveries and attractive exploration prospects immediately adjacent to several world class gas fields and our producing oil assets,” Guest continued.
