(Alliance News) - Valeura Energy Inc on Friday said oil production fell in the thrid quarter following the suspension of its Wassana field.
The Alberta, Canada-based Thailand and Turkey-focused oil and gas company said its net working interest oil production averaged at 19,961 barrels of oil per day in the third quarter of 2023, down from 22,097 barrels in the second quarter.
The firm said production was "relatively unchanged" at its Jasmine, Nong Yao, and Manora oil fields, compared to the second quarter, noting that the additional of production from recently drilled wells offset the impact of natural declines.
It said its Wassana field was offline for most of the period following its suspension in July due to safety concerns over operations on the third-party operated floating storage and offloading vessel.
Valeura said it will begin a transition to a new sub-contractor to operate the vessel, with production set to resume in the fourth quarter.
During the period, seven wells were drilled, including two appraisal wells at Wassana, which it said have increased its expectations for recoverable oil from the field. It has begun project concept selection to develop the field in order to " realise this increased potential".
Chief Executive Sean Guest said: "We have had a strong operational performance across our portfolio during Q3. Our Jasmine, Nong Yao, and Manora fields all continue to demonstrate how infill drilling can sustain production rates.
"Meanwhile at Wassana, our appraisal wells have confirmed the potential for a larger scale of growth than previously envisaged and our team is working to select an appropriate re-development concept for the field while we prepare to resume production operations in Q4."
Valeura shares closed up 1.0% at CAD3.20 each on Thursday in Toronto.
By Harvey Dorset, Alliance News reporter
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