Singapore-based independent Valeura Energy has outlined an aggressive growth strategy focused on its offshore Thailand assets, supported by a strong financial position and plans for transformative deals in the Asia-Pacific region.

2026 Drilling and Capital Expenditure Plans

Valeura plans an active 2026 work programme offshore Thailand, involving the drilling of 16 development and appraisal wells across its Jasmine, Nong Yao, and Manora fields. The base plan also includes drilling two exploration wells in its operated Gulf of Thailand portfolio. To support this activity, the company has secured the Borr Drilling jack-up rig Mist under contract through August 2026. Capital expenditure and exploration spending for 2026 is budgeted between US$175 million and US$195 million.

Wassana Field Redevelopment

A significant portion of the 2026 budget, US$70 million, is allocated to the construction and installation of a newbuild central processing platform (CPP) for the Wassana field redevelopment. This project is currently 45% complete. Development drilling is planned for the first quarter of 2027, with first oil targeted for the second quarter of 2027.

Recent Operational Success and Production

The company recently completed a nine-well development drilling campaign on the Jasmine & Ban Yen field (Block B5/27) with a 100% success rate, with all wells completed as producers. This campaign included drilling a record-length horizontal well for the Gulf of Thailand. The activity increased production from the asset from approximately 7,300 barrels per day to 8,600 bpd. For full-year 2025, Valeura's total oil production averaged 23,242 bpd, a 1.8% year-on-year increase.

Financial Position and Growth Strategy

Valeura ended 2025 with a record cash position of US$305.7 million and no debt. The company's leadership stated that this financial strength, combined with a rich opportunity set in the Asia-Pacific region, supports an appetite for pursuing larger, more transformative deals.

Potential Farm-In Activity

Valeura confirmed its planned farm-in to PTTEP's offshore blocks G1/65 and G3/65 in the Gulf of Thailand. The transaction requires host government approval, which is expected after Thailand's general elections in the first quarter of 2026.