Canada-based oil and gas company Valeura Energy has wrapped up its infill drilling campaign at a field offshore Thailand, which has enabled it to ramp up oil production at the field.
Valeura Energy confirmed on Tuesday, 13 June 2023, that it had completed its infill drilling campaign at the Nong Yao field , which was recently acquired from Mubadala Petroleum’s subsidiary, Busrakham Oil and Gas. Two horizontal infill wells were drilled on this oil field in Licence G11/48 in Thailand, in which Valeura holds a 90 per cent operated working interest.
According to the company, the drilling operations were executed safely, below budget, and ahead of schedule. The wells encountered approximately 1,000 and 700 ft of net oil pay in their horizontal sections, respectively, confirming pre-drill reservoir simulation results. Both wells have come onstream as oil producers at a combined initial gross rate of approximately 1,350 bbls/d.
The Canadian player highlights that the new Nong Yao wells, in addition to contributions from the Jasmine oil field drilling programme earlier in 2023, have resulted in aggregate oil production rates during the 11 days of June averaging 23,700 bbls/d (net to the company’s working interest), an increase of approximately 16 per cent over average 1Q 2023 rates from the four assets in the firm’s portfolio.
Sean Guest , President and CEO of Valeura Energy, commented: “Our Nong Yao drilling campaign has been a success and the results bolster our investment thesis that our assets offer the potential to add further value through increased production and new reserve additions through targeted infill drilling. I am pleased with the team’s safety performance in executing the programme and their commitment to efficient operations as evidenced by a strong cost and schedule outcome.
“To capitalise on this momentum, we have adjusted our drilling schedule such that we will now utilise only one rig to execute all our drilling plans in 2023. This change constitutes an important operational synergy between the former Mubadala Energy assets and the KrisEnergy assets. As we continue to integrate the businesses we have acquired in Thailand, we are identifying more opportunities for efficiency gains as a further way to add value for our stakeholders.”
Furthermore, Valeura explains that Borr Drilling’s Mist rig, which Mubadala hired in July 2022 , is now on location at the Manora oil field, where the company plans to drill three wells aimed at increasing production from the field and by extension, adding to the economic life of the asset. Upon completion of operations at Manora – anticipated in early August 2023 – the rig will move to the Wassana field for the firm’s five-well infill drilling programme.