Valeura holds an operated 90% working interest in Licence G11/48 containing the Nong Yao oil field, which produces approximately 7,100 bbls/d of medium sweet crude oil from reservoirs of Miocene age. The Nong Yao oil field contains 11.2 million bbls of 2P oil reserves, on a net working interest basis.*
The Nong Yao field has been developed by a total of 37 wells, drilled from two wellhead platforms, which are connected to a leased Floating Storage and Offloading vessel. Nong Yao’s crude oil is typically sold into the local market at prices approximately on par with the Brent benchmark.
A further development project is underway to commercialise a southern extension of the field by way of 12 additional development wells and the addition of a Mobile Offshore Production Unit. The Company anticipates that the Nong Yao Extension will result in production increasing to 11,000 bbls/d in 2023.
In addition, Valeura has identified various additional small oil accumulations on the block, which will be the subject of future study to assess development potential.
The remaining 10% interest in the licence is held by Palang Sophon.