Valeura Energy Shares Rise on Plans to Accelerate Offshore Thailand Redevelopment Project

Dow Jones

Yesterday

Valeura Energy shares rose after the company said it plans to accelerate a field redevelopment project in the offshore Gulf of Thailand.

Shares rose 2.8% to 13.94 Canadian dollars ($10.06).

The oil and natural gas company said early Tuesday that it will speed up its Wassana field redevelopment project, and that construction of the new central processing platform is ahead of schedule and on budget, with yard completion targeted for Oct. 1.

Valeura Energy plans to install the facility two months earlier than originally planned, bringing forward potential first oil extraction to early in the second quarter of 2027.

The company said that the quicker development pace will cost more in 2026 as it shifts budget allocation to this year instead of from 2027.

Valeura Energy expects adjusted capital expenses, including exploration spend, to be between $220 million and $235 million, up from $195 million to $215 million.

With an earlier production timeline, the company now expects 430,000 barrels of oil of extra production in 2027.

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