Valeura Energy, a Canada-based oil and gas company, has approved the Wassana Oil Field Redevelopment in the Gulf of Thailand, committing $120 million to replace aging infrastructure and significantly boost output.
Located in Block G10/48, the field will see a new central processing platform (CPP) installed to replace the aging mobile offshore production unit (MOPU), which is expected to reach the end of its life by 2027. With the current infrastructure, only 2.5 million barrels of oil could be recovered. The new CPP will feature 24 well slots and extend the field’s operational life to 2043.
Peak production is expected to hit 10,000 barrels per day—almost triple the current 3,700 bpd. The CPP will also include two risers to allow for satellite tie-ins, including the Nirami field to the north and the Mayura discovery to the south.
Thai Nippon Steel Engineering & Construction has been awarded the EPCC contract. Initial drilling—set to begin in late 2026—includes 16 horizontal development wells and one water injection well. Valeura estimates each well will cost approximately $4.8 million, though falling rig and material costs may reduce total capex.
Valeura holds a 100% interest in the license and sees the project as a key part of its Southeast Asia growth strategy, supporting long-term production and capital efficiency.