- Welcome to Oil and Gas World Community.
A Community by the Industry and for the Industry
Recent posts
#71
South East Asia / Re: Thailand - Wassana (FSO Ja...
Last post by Administrator - Apr 08, 2026, 05:10 AMCalgary, March 21, 2023: Valeura Energy Inc. (TSX:VLE) ("Valeura" or the "Company"), the upstream oil and gas company with assets in the offshore Gulf of Thailand and the Thrace Basin of Turkey, is pleased to provide an update on its Wassana crude oil storage vessel.
Modifications to the MT Jaka Tarub crude oil storage vessel are now complete, making the vessel compatible with the Wassana field's infrastructure and capable of tandem crude oil loading/offloading. Subject to favourable metocean conditions, the vessel will arrive at the Wassana field in the coming days, after which Valeura intends to resume oil production operations, targeting initial rates of up to 3,000 bbls/d, net to the 89% working interest share held by its subsidiary company Valeura Energy Asia Pte. Ltd.
Modifications to the MT Jaka Tarub crude oil storage vessel are now complete, making the vessel compatible with the Wassana field's infrastructure and capable of tandem crude oil loading/offloading. Subject to favourable metocean conditions, the vessel will arrive at the Wassana field in the coming days, after which Valeura intends to resume oil production operations, targeting initial rates of up to 3,000 bbls/d, net to the 89% working interest share held by its subsidiary company Valeura Energy Asia Pte. Ltd.
#72
South East Asia / Re: Thailand - Wassana (FSO Ja...
Last post by Administrator - Apr 08, 2026, 05:09 AMWassana Oil Storage Vessel
November 30, 2022
Calgary, November 30, 2022: Valeura Energy Inc. (TSX:VLE) ("Valeura" or the "Company"), the upstream oil and gas company with assets offshore Gulf of Thailand and the Thrace Basin of Turkey is pleased to announce that it has entered into a definitive agreement with PT Samudra Alam Transport, a subsidiary of PT Buana Lintas Lautan Tbk, to charter a crude oil tanker to store oil produced from the Wassana oil field, offshore Gulf of Thailand, as previously announced on November 11, 2022. The vessel is expected to be renamed MT Jaka Tarub (previously MT Vula).
The MT Jaka Tarub is a Panamax sized oil tanker, with storage capacity of 460,000 bbls. Following cleaning and modification work scheduled for December 2022, the vessel will be made compatible with the Wassana field's mooring and crude oil offloading systems.
Pending customs clearance, the MT Jaka Tarub is expected to arrive at the field in early January 2023. Valeura intends to resume production operations as soon as practicable thereafter, targeting initial oil production rates of up to 3,000 bbls/d, net to the 89% working interest held by its special purpose vehicle subsidiary, Valeura Energy Asia Pte. Ltd.
November 30, 2022
Calgary, November 30, 2022: Valeura Energy Inc. (TSX:VLE) ("Valeura" or the "Company"), the upstream oil and gas company with assets offshore Gulf of Thailand and the Thrace Basin of Turkey is pleased to announce that it has entered into a definitive agreement with PT Samudra Alam Transport, a subsidiary of PT Buana Lintas Lautan Tbk, to charter a crude oil tanker to store oil produced from the Wassana oil field, offshore Gulf of Thailand, as previously announced on November 11, 2022. The vessel is expected to be renamed MT Jaka Tarub (previously MT Vula).
The MT Jaka Tarub is a Panamax sized oil tanker, with storage capacity of 460,000 bbls. Following cleaning and modification work scheduled for December 2022, the vessel will be made compatible with the Wassana field's mooring and crude oil offloading systems.
Pending customs clearance, the MT Jaka Tarub is expected to arrive at the field in early January 2023. Valeura intends to resume production operations as soon as practicable thereafter, targeting initial oil production rates of up to 3,000 bbls/d, net to the 89% working interest held by its special purpose vehicle subsidiary, Valeura Energy Asia Pte. Ltd.
#73
South East Asia / Re: Thailand - Wassana (FSO Ja...
Last post by Administrator - Apr 08, 2026, 05:09 AMCalgary, November 11, 2022: Valeura Energy Inc. (TSX:VLE) ("Valeura" or the "Company"), the upstream oil and gas company with assets offshore Gulf of Thailand and the Thrace Basin of Turkey, reports (i) its unaudited financial and operating results for the three month period ended September 30, 2022, (ii) the signing by certain subsidiaries of the Company of a facility arrangement and commercial contract with Trafigura Pte. Ltd. (the "Facility"), and (iii) a contract for a Floating Storage and Offloading vessel ("FSO") for its Wassana oil field.
Highlights
1 Throughout this announcement, net interests in Licence G10/48, Licence G6/48, the MOPU (defined below) and in the associated fields' production and resources are presented on a working interest acquired basis to the Valeura-controlled special purpose vehicle, Valeura Energy Asia Pte. Ltd. (previously named Panthera Resources Pte. Ltd.), in which Valeura holds 85% of the share capital.
Financial Update
As of the end of Q3 2022, Valeura had cash and cash equivalent resources totalling US$22.3 million, and no debt. This compares to a cash position of US$29.7 million at the end of the prior quarter. The change in cash position during Q3 2022 primarily reflects operating activities relating to preparation for production restart at the Wassana oil field and the effect of investments classified as long term deposits mainly related to the recertification of the Wassana Mobile Offshore Production Unit during the quarter.
Facility
Subsidiaries of the Company have signed agreements with Trafigura Pte. Ltd. for the Facility, comprised of: (i) an agreement for advances in support of Wassana operations; and (ii) a commercial contract related to Wassana's crude oil production. The Facility provides for advances in discrete tranches, up to an initial maximum capacity of US$30 million, subject to the satisfaction of a number of conditions precedent. There is provision to expand the maximum capacity, as may be required to support a potential future acquisition, subject to the satisfaction of certain conditions precedent.
Operations Update
Valeura is focused on the re-start of production operations at the Wassana oil field and is now targeting oil production in January 2023, after arrival of the FSO around the end of the year.
In Q3 2022, the Company completed all of the underwater survey work on the Wassana field's Mobile Offshore Production Unit ("MOPU") and the engineering reports have been submitted to support the re-certification of the facility for continued use. Additional offshore work, including maintenance, inspection, and minor upgrades, continues to be performed safely, with no recorded deviations from the Company's safe operating practices. The Company anticipates receiving re-certification of the MOPU (amounting to a formal life extension of the facility) once the minor upgrades are completed later this month.
Separately, Valeura has contracted with PT Buana Lingas Lautan Tbk ("Buana") relating to the charter of the MT Vula tanker, to be used as the FSO vessel for Wassana's production. Valeura and Buana have entered into a Letter of Award detailing the key heads of agreement and are working to finalise the remaining commercial terms by way of a formal charter agreement. Valeura anticipates that the FSO will mobilise to the Wassana field by the end of 2022, pending routine customs clearances and safety inspections.
The Company anticipates an initial oil production rate of up to 3,000 bbls/d and is targeting an increase in rates to 4,500 bbls/d as a result of a five-well infill drilling programme planned to commence in Q2 2023. Valeura has chartered the PV Drilling 1 jack-up drilling rig and is now engaged in planning and procurement work relating to its 2023 drilling programme.
Strategic Update
Valeura has substantially progressed its development plans for the Rossukon oil field and anticipates taking a final investment decision on the development before the end of 2022. While a formal development plan has already been submitted by the previous operator, Valeura's plan seeks to optimise production start timing and to reduce the upfront capital that is required to commercialise Rossukon's 4.7 million bbls of 2C resources (unrisked, best estimate 2C resources, net working interest).
Valeura aspires to increase its presence in Southeast Asia through further merger and acquisition-led growth, with a focus on opportunities that can both add to near-term cashflow and provide opportunities for value accretive re-investment. The Company is actively evaluating several such opportunities.
Valeura's Thrace basin tight gas play in Turkey continues to see interest from potential farm-in partners, with several parties continuing to evaluate a potential commercial arrangement with the Company. While no assurances can be given that such evaluations will result in a partnership, the Company continues to believe the play is a potentially significant source of potential value and warrants further appraisal work.
Highlights
- Strong financial position – Cash position of US$22.3 million at September 30, 2022;
- Increased liquidity – Facility provides (i) initial liquidity to support Wassana operations, and (ii) additional liquidity for potential future acquisition support, subject to satisfaction of certain conditions precedent;
- Near-term production – Procurement of an FSO to support production operations at the Wassana oil field at initial rates of up to 3,0001 bbls/d starting January 2023;
- Drilling programme progress – Chartered a drilling rig for the 2023 Wassana infill drilling programme, forecast to increase production rates to 4,500 bbls/d;
- Development planning – Ongoing planning for the Rossukon oil field development, with a target final investment decision expected later this quarter; and
- Strategy continuing – Pursuing additional near-term inorganic growth opportunities in Southeast Asia, while seeking a suitable partner to farm-in to the Company's tight gas play in Turkey.
1 Throughout this announcement, net interests in Licence G10/48, Licence G6/48, the MOPU (defined below) and in the associated fields' production and resources are presented on a working interest acquired basis to the Valeura-controlled special purpose vehicle, Valeura Energy Asia Pte. Ltd. (previously named Panthera Resources Pte. Ltd.), in which Valeura holds 85% of the share capital.
QuoteSean Guest, President and CEO of Valeura commented:
"Our financial position remains strong, with over US$22 million in cash at the end of Q3, now bolstered by access to additional liquidity as a result of our Facility.
We are building momentum toward the re-start of production operations at the Wassana oil field with initial net production rates of up to 3,000 bbls/d. We have signed a letter of award to charter a suitable FSO which is due to arrive on location around the end of the year. Given this, we anticipate having production on line in January 2023.
Separately, our team has worked swiftly to prepare for growth in 2023, both by chartering a drilling rig to support our Wassana infill drilling campaign starting in late Q2 next year and by progressing our development plans for the Rossukon field, where we are targeting a final investment decision this quarter, leading to initial oil production starting in Q4 2023.
We are also continuing our search for additional inorganic growth opportunities in the Southeast Asia region and see many targets that offer valuable synergies with our existing portfolio."
Financial Update
As of the end of Q3 2022, Valeura had cash and cash equivalent resources totalling US$22.3 million, and no debt. This compares to a cash position of US$29.7 million at the end of the prior quarter. The change in cash position during Q3 2022 primarily reflects operating activities relating to preparation for production restart at the Wassana oil field and the effect of investments classified as long term deposits mainly related to the recertification of the Wassana Mobile Offshore Production Unit during the quarter.
Facility
Subsidiaries of the Company have signed agreements with Trafigura Pte. Ltd. for the Facility, comprised of: (i) an agreement for advances in support of Wassana operations; and (ii) a commercial contract related to Wassana's crude oil production. The Facility provides for advances in discrete tranches, up to an initial maximum capacity of US$30 million, subject to the satisfaction of a number of conditions precedent. There is provision to expand the maximum capacity, as may be required to support a potential future acquisition, subject to the satisfaction of certain conditions precedent.
Operations Update
Valeura is focused on the re-start of production operations at the Wassana oil field and is now targeting oil production in January 2023, after arrival of the FSO around the end of the year.
In Q3 2022, the Company completed all of the underwater survey work on the Wassana field's Mobile Offshore Production Unit ("MOPU") and the engineering reports have been submitted to support the re-certification of the facility for continued use. Additional offshore work, including maintenance, inspection, and minor upgrades, continues to be performed safely, with no recorded deviations from the Company's safe operating practices. The Company anticipates receiving re-certification of the MOPU (amounting to a formal life extension of the facility) once the minor upgrades are completed later this month.
Separately, Valeura has contracted with PT Buana Lingas Lautan Tbk ("Buana") relating to the charter of the MT Vula tanker, to be used as the FSO vessel for Wassana's production. Valeura and Buana have entered into a Letter of Award detailing the key heads of agreement and are working to finalise the remaining commercial terms by way of a formal charter agreement. Valeura anticipates that the FSO will mobilise to the Wassana field by the end of 2022, pending routine customs clearances and safety inspections.
The Company anticipates an initial oil production rate of up to 3,000 bbls/d and is targeting an increase in rates to 4,500 bbls/d as a result of a five-well infill drilling programme planned to commence in Q2 2023. Valeura has chartered the PV Drilling 1 jack-up drilling rig and is now engaged in planning and procurement work relating to its 2023 drilling programme.
Strategic Update
Valeura has substantially progressed its development plans for the Rossukon oil field and anticipates taking a final investment decision on the development before the end of 2022. While a formal development plan has already been submitted by the previous operator, Valeura's plan seeks to optimise production start timing and to reduce the upfront capital that is required to commercialise Rossukon's 4.7 million bbls of 2C resources (unrisked, best estimate 2C resources, net working interest).
Valeura aspires to increase its presence in Southeast Asia through further merger and acquisition-led growth, with a focus on opportunities that can both add to near-term cashflow and provide opportunities for value accretive re-investment. The Company is actively evaluating several such opportunities.
Valeura's Thrace basin tight gas play in Turkey continues to see interest from potential farm-in partners, with several parties continuing to evaluate a potential commercial arrangement with the Company. While no assurances can be given that such evaluations will result in a partnership, the Company continues to believe the play is a potentially significant source of potential value and warrants further appraisal work.
#74
South East Asia / Re: Thailand - Wassana (FSO Ja...
Last post by Administrator - Apr 08, 2026, 05:07 AMValeura holds an operated interest in two shallow water offshore licences in the Gulf of Thailand – Licence G10/48, containing the Wassana oil field and Licence G6/48 containing the Rossukon oil field. In addition, Valeura is purchasing a 100% interest* in a Mobile Offshore Production Unit ("MOPU"), onsite at the Wassana oil field. The transaction was announced on April 28, 2022 and closed on June 15, 2022.
Re-activation of a mid-life oil field
Licence G10/48 contains the Wassana oil field, which is a collection of crude oil-bearing sandstone reservoir intervals of Miocene age. The field is estimated to contain 2P reserves of 6.5 MMbbls of oil as of March 31, 2022*.
Production operations were suspended by the previous operator in May 2020 and are planned to resume in Q4 2022 at an initial rate of 3,000 bbls/d, net to the acquired working interest. The field's production is medium-weight crude oil, which has historically sold at a discount to the Brent oil benchmark of approximately US$6/bbl.
The Wassana field was developed by way of production wells drilled off a Mobile Offshore Production Unit ("MOPU"), which is being purchased by Valeura through a separate transaction. Crude oil will be processed at the MOPU and stored in a leased Floating Storage and Offloading vessel.
Valeura has identified the potential for ongoing infill drilling to increase recoverable reserves from the Wassana field in addition to the potential to access additional volumes through development of additional exploration discoveries on the block.
Valeura's acquisition of an operated 89% working interest** was completed on June 15, 2022. The remaining 11% interest is held by Palang Sophon.
Re-activation of a mid-life oil field
Licence G10/48 contains the Wassana oil field, which is a collection of crude oil-bearing sandstone reservoir intervals of Miocene age. The field is estimated to contain 2P reserves of 6.5 MMbbls of oil as of March 31, 2022*.
Production operations were suspended by the previous operator in May 2020 and are planned to resume in Q4 2022 at an initial rate of 3,000 bbls/d, net to the acquired working interest. The field's production is medium-weight crude oil, which has historically sold at a discount to the Brent oil benchmark of approximately US$6/bbl.
The Wassana field was developed by way of production wells drilled off a Mobile Offshore Production Unit ("MOPU"), which is being purchased by Valeura through a separate transaction. Crude oil will be processed at the MOPU and stored in a leased Floating Storage and Offloading vessel.
Valeura has identified the potential for ongoing infill drilling to increase recoverable reserves from the Wassana field in addition to the potential to access additional volumes through development of additional exploration discoveries on the block.
Valeura's acquisition of an operated 89% working interest** was completed on June 15, 2022. The remaining 11% interest is held by Palang Sophon.
#75
South East Asia / Re: Thailand - Wassana (FSO Ja...
Last post by Administrator - Apr 08, 2026, 05:07 AMACQUISITION OF GULF OF THAILAND ASSETS
Calgary, April 28, 2022: Valeura Energy Inc. (TSX:VLE, LSE:VLU) ("Valeura" or the "Company") is pleased to announce that it has entered into a Sale and Purchase Agreement with KrisEnergy (Asia) Ltd (the "Seller") to acquire all of the shares of KrisEnergy International (Thailand) Holdings Ltd. (the "SPA"), which holds an interest in two operated licences offshore Thailand for total initial cash consideration of US$3.1 million, plus certain contingent payments of up to a further US$7.0 million relating to future development milestones. Separately, Valeura has agreed to purchase an onsite Mobile Offshore Production Unit ("MOPU") from Nora Limited, for consideration of US$9.2 million (the "MOPU Purchase") which will be phased over approximately 14 months. Valeura expects to fund both the SPA and the MOPU Purchase (together the "Acquisition") from cash on hand and from initial cash flows generated by the assets.
Acquisition Highlights
A new operating presence for the Company in Thailand, a country with a long history of oil and gas development, attractive fiscal terms, and well-defined cost structures for production and development activities;
Unless otherwise noted, all production, reserves and resource estimates in this announcement are presented on a net WI acquired basis. Reserves and resource estimates are based on the Company's internal assessment (non-independent) effective December 31, 2021. See "Oil & Gas Advisories" below.
Sean Guest, President and CEO of Valeura commented:
"I am delighted to announce the first transaction in our new growth strategy as we evolve Valeura into a geographically diverse oil and gas business that generates near-term cash flow and provides built in upside opportunities. The Acquisition will mark a new beginning for all our stakeholders, who will benefit from an immediate addition of value at very attractive acquisition metrics without the need for external financing.
The Acquisition will rapidly transform Valeura into a significant licence holder and new oil producer in Thailand, and in doing so will establish a platform for our goal to acquire further high-value cash flowing assets in the region. I am pleased to be working again in Southeast Asia and to add a regionally experienced leadership team with decades of experience in addition to a very capable local operating unit in Thailand. The team has direct history with the acquired assets, which I expect will help to ensure seamless continuity and ongoing stewardship of these important fields.
Our commitments toward safe and sustainable oil and gas operations remain unchanged by the Acquisition. We intend to pursue our business in Thailand with the same world class environmental and social priorities we have always done in our operations elsewhere, and will bolster this by working with a team that has compatible governance and leadership values.
Upon completion of the Acquisition, we will begin work to re-activate production from the Wassana oil field. The critical path toward first oil is to complete a re-certification of the MOPU and to conclude the lease of a suitable production storage vessel, which together are forecast to take approximately six months from closing. Once on production, we anticipate near-term cash flows of approximately US$9 million per quarter based on current benchmark prices, which underscores the highly accretive nature of the deal to Valeura's value. In addition, we are eager to re-invigorate the development of the Rossukon oil field, which we believe has the potential to more than double overall production from these assets.
In keeping with our strategy, we expect that the Acquisition will evolve Valeura into a cash-flow generating oil producer with exposure to international oil prices and opportunities for further growth in Southeast Asia in the near term, while maintaining substantial potential upside value in the longer-term through our tight gas appraisal play in Turkey."
Acquisition
The Seller's assets are being acquired out of a receivership where, after an extended period of low oil prices, the Seller filed a winding up petition in June 2021. The SPA effects the purchase of certain of the Seller's assets in Thailand, which are being re-organised by the receiver into a single corporate entity for purchase.
To facilitate the Acquisition, Valeura has formed Panthera Resources Pte. Ltd., a Singapore-domiciled special purpose vehicle company ("SPV") to serve as the buyer entity under the SPA and for the MOPU Purchase. Valeura will hold an 85% interest in the SPV, with the remainder held by Panthera Thailand Pte. Ltd. ("Panthera"). The relationship between Valeura and Panthera as shareholders of the SPV is governed by a shareholder agreement which includes, among other things, provisions for the funding of the SPA and MOPU Purchase on a 100% basis by Valeura, and the ongoing engagement of certain Panthera individuals as part of Valeura's regional leadership team (the "Panthera Agreement"). Panthera's indirect interests will thereafter be identified by Valeura as a minority shareholder interest, in accordance with International Financial Reporting Standards. The Panthera individuals expected to be employed by the SPV comprise a senior leadership team with multiple decades of experience in the Southeast Asia region, and a direct history with the acquired assets.
The SPA has an effective date of January 1, 2022 and is subject to Valeura lodging a parent company guarantee with the Thailand regulator relating to performance of licence obligations. Valeura anticipates the Acquisition will close in Q2 2022.
Valeura has paid initial cash consideration of US$3.1 million which includes the purchase price and compensation for maintenance and administrative costs incurred since the effective date, as adjusted for working capital. Valeura will pay contingent consideration of US$2.0 million 90 days after first oil has been delivered from the next infill development drilling programme on the Wassana field, notionally planned for Q2 2023. Further contingent consideration of US$5.0 million will become due 90 days after first production through a permanent production facility on the Rossukon field.
Through the MOPU Purchase, also out of receivership, the SPV will acquire the MOPU Ingenium for a total consideration of US$9.2 million, which is expected to be paid in installments over 14 months.
Valeura intends to fund the Acquisition entirely from cash resources on hand and, insofar as contingent consideration and deferred payments for the MOPU Purchase are concerned, through cash flows generated from the assets.
Licence G10/48: Production Reactivation Asset
The SPV will acquire operatorship and an 89% WI in block G10/48, which is located in the Gulf of Thailand, approximately 115 km offshore in 48 metres of water depth. The block contains the developed Wassana oil field and several undeveloped discoveries. The Wassana field was developed by way of production wells drilled from the MOPU and started production in 2015. Peak oil production was 7,700 bbls/d (gross) in 2016. The field was shut-in temporarily in 2020 amidst a challenging economic climate due to low benchmark oil prices. At that time, the leased Floating Storage and Offloading vessel ("FSO") went off contract and departed the field, while the wells and MOPU production facility were actively maintained in a dormant state and remain in good working order.
Based on the Company's internal assessment effective December 31, 2021, block G10/48 contains approximately 4.0 mmbbls of 2P oil reserves and 7.4 mmbbls of 2C contingent (unrisked) oil resources net to the SPV. See "Oil & Gas Advisories" below.
Valeura intends to restart production operations as soon as practicable after the Acquisition closes. Oil production is expected approximately six months after close and the Company anticipates production rates of approximately 3,000 bbls/d, net to the SPV, based on the existing production at the time the field was temporarily shut in. Oil will be offloaded to an FSO and then exported by shuttle tanker.
The primary scope of work involved in restarting Wassana production is to complete a recertification of the MOPU and to bring an FSO on site, under the terms of a long-term lease. Planning for the MOPU recertification is underway and a new FSO has already been identified via tendering, with commercial agreements to be executed once the Acquisition closes. Thereafter, the Company anticipates that production operations can be restarted without any need for service rig interventions.
Valeura anticipates that the combination of owning, rather than leasing, the MOPU and establishing more favourable FSO lease rates will result in a materially lower cost base for the Wassana field than under the previous operator. The Company expects field operating costs to be approximately US$10 million per quarter net to the SPV, equating to approximately US$36/bbl. Wassana's production is medium gravity, sweet crude oil, which has historically sold at a discount of approximately US$6/bbl to Brent crude oil benchmark prices. At current Brent benchmark prices of approximately US$100/bbl, Wassana's near-term production is expected to generate net cash flows of approximately US$9 million per quarter.
Valeura's 2P reserves estimate for the Wassana field includes drilling of five horizontal infill wells into additional oil-bearing reservoir sands that were identified on 3D seismic, drilled, and shown to be productive prior to the field being shut-in, but have not been fully developed. The Company envisages an initial five-well infill drilling campaign in the field in 2023 at an estimated cost of US$30 million to access these sands, with details and timing to be finalised in due course. In its 2C resource estimate, the Company has identified 10 further infill wellsto be drilled in subsequent years at similar costs to further increase recovery from the Wassana field reservoirs. The Company's 2C resource estimate also includes two discovered but undeveloped fields which are well-imaged on 3D seismic but are unclarified and non-commercial at this time. In addition to the resource estimates, the Company has identified several exploration prospects which are well-imaged on 3D seismic and will be reviewed further. The Company believes that collectively, these provide further value upside opportunities.
Reserves and resources associated with block G10/48 are in the process of being updated by the incumbent independent petroleum engineering firm, Netherland, Sewell & Associates, Inc. ("NSAI") and will be published by the Company in due course.
Licence G6/48 Development Asset
The SPV will also acquire the G6/48 block located approximately 195 km offshore in the Gulf of Thailand in 53 metres water depth. This includes operatorship and a 43% WI in the fully-appraised Rossukon oil field with recoverable 2C resources of 5.0 mmbbl of oil, net to the SPV as of December 31, 2021, as estimated by management.
The Rossukon oil field has a regulator-approved development plan which contemplates peak oil production rates of 12,000 bbls/d gross (5,160 bbls/d net to the SPV) and sets a first-oil requirement by November 2023. Once the SPV assumes operatorship of the block, Valeura will commence discussions with partners and regulators to agree the development scenario that best meets stakeholder objectives with regard to timing and resource delivery. As an alternative to the approved development plan, a reduced scope early development plan is under review which could yield production sooner and with lower capex in 2023, but with a lower and flatter production profile.
Until such time as the final development plan has been mutually agreed, Valeura regards the Rossukon field as a source of potential upside, with recoverable volumes, classed as 2C contingent (unrisked) resources, comprised of 5.0 mmbbls of oil and 5.7 bcf of gas, based on the development scenario contemplated in the regulator-approved development plan. See "Oil & Gas Advisories" below.
Resources associated with block G6/48 are in the process of being updated by NSAI and will be published by the Company in due course.
Financial Upside
The SPA is structured as a purchase of the shares in a corporate entity, and accordingly, includes that entity's historical tax losses, which can be applied to future taxable earnings in Thailand.
In keeping with Valeura's strategy, the Company intends to continue pursuing inorganic growth, and is evaluating opportunities for further acquisitions in Thailand with synergies to the acquired assets and the tax losses.
Human Resources
As part of the Acquisition, the Company intends to employ the Seller's Thailand workforce, comprising approximately 30 individuals. This is expected to add a capable and experienced local operating unit to Valeura, as well as an office in Bangkok.
Separately, through the Panthera Agreement, the SPV will engage individuals from the Panthera organisation to fill key regional leadership roles. These individuals have direct experience with the assets being acquired and will form the core of the regional leadership team.
Effect on London and Toronto listings
Following consultation with the Financial Conduct Authority ("FCA"), the Company has been advised that the Acquisition, should it close, will constitute a reverse takeover for the purposes of the Listing Rules of the FCA. Therefore, the Company was required to request a suspension of the listing of its common shares ("Common Shares") on the standard segment of the Official List and trading in its Common Shares on the Main Market of the London Stock Exchange has been suspended as of today.
The Common Shares will continue to trade as normal on the Toronto Stock Exchange. Interests in the Company's shares purchased on the London Stock Exchange are fully fungible and can be transferred from the UK depositary to the Canadian depositary to be traded on the Toronto Stock Exchange. Shareholders interested in transferring their shares should contact their broker or nominee to coordinate such a transaction with the Company's registrar.
Webcast Presentation
Valeura's management team will host an investor and analyst webcast today, Thursday April 28, 2022 at 09:00 Calgary / 16:00 London / 22:00 Bangkok / 23:00 Singapore to discuss the Acquisition. The live audio and video feed and Q&A portal can be accessed via the Microsoft Teams link below. Attendees are advised to ensure they have the Microsoft Teams app installed in advance.
Calgary, April 28, 2022: Valeura Energy Inc. (TSX:VLE, LSE:VLU) ("Valeura" or the "Company") is pleased to announce that it has entered into a Sale and Purchase Agreement with KrisEnergy (Asia) Ltd (the "Seller") to acquire all of the shares of KrisEnergy International (Thailand) Holdings Ltd. (the "SPA"), which holds an interest in two operated licences offshore Thailand for total initial cash consideration of US$3.1 million, plus certain contingent payments of up to a further US$7.0 million relating to future development milestones. Separately, Valeura has agreed to purchase an onsite Mobile Offshore Production Unit ("MOPU") from Nora Limited, for consideration of US$9.2 million (the "MOPU Purchase") which will be phased over approximately 14 months. Valeura expects to fund both the SPA and the MOPU Purchase (together the "Acquisition") from cash on hand and from initial cash flows generated by the assets.
Acquisition Highlights
A new operating presence for the Company in Thailand, a country with a long history of oil and gas development, attractive fiscal terms, and well-defined cost structures for production and development activities;
- Acquisition of working interests ("WI") in two shallow water Gulf of Thailand licences: G10/48 licence (89% operated WI) presenting a near-term production reactivation opportunity of the Wassana oil field, and the G6/48 licence (43% operated WI) containing the undeveloped but fully appraised Rossukon oil field;
- Near-term cash flow from the developed Wassana oil field re-activation, with anticipated rates of approximately 3,000 bbls/d (net), expected starting in Q4 2022;
- Anticipated net cash flows of approximately US$9 million per quarter upon reactivation of Wassana field, based on current benchmark commodity prices;
- Total proved and probable (2P) reserves of approximately 4.0 mmbbls of oil;
- Growth opportunities starting in 2023 through access to an additional aggregate 13.3 mmboe of 2C contingent unrisked resources including 5.0 mmbbls of oil at the undeveloped Rossukon oil field, pending the final investment decision;
- Purchase of the MOPU located on the Wassana oil field, expected to enable lower cost operations and potentially extending field life; and
- Immediate bolt-on of an experienced operating team in Thailand and management team in the region through the formation of a Valeura-controlled company.
Unless otherwise noted, all production, reserves and resource estimates in this announcement are presented on a net WI acquired basis. Reserves and resource estimates are based on the Company's internal assessment (non-independent) effective December 31, 2021. See "Oil & Gas Advisories" below.
Sean Guest, President and CEO of Valeura commented:
"I am delighted to announce the first transaction in our new growth strategy as we evolve Valeura into a geographically diverse oil and gas business that generates near-term cash flow and provides built in upside opportunities. The Acquisition will mark a new beginning for all our stakeholders, who will benefit from an immediate addition of value at very attractive acquisition metrics without the need for external financing.
The Acquisition will rapidly transform Valeura into a significant licence holder and new oil producer in Thailand, and in doing so will establish a platform for our goal to acquire further high-value cash flowing assets in the region. I am pleased to be working again in Southeast Asia and to add a regionally experienced leadership team with decades of experience in addition to a very capable local operating unit in Thailand. The team has direct history with the acquired assets, which I expect will help to ensure seamless continuity and ongoing stewardship of these important fields.
Our commitments toward safe and sustainable oil and gas operations remain unchanged by the Acquisition. We intend to pursue our business in Thailand with the same world class environmental and social priorities we have always done in our operations elsewhere, and will bolster this by working with a team that has compatible governance and leadership values.
Upon completion of the Acquisition, we will begin work to re-activate production from the Wassana oil field. The critical path toward first oil is to complete a re-certification of the MOPU and to conclude the lease of a suitable production storage vessel, which together are forecast to take approximately six months from closing. Once on production, we anticipate near-term cash flows of approximately US$9 million per quarter based on current benchmark prices, which underscores the highly accretive nature of the deal to Valeura's value. In addition, we are eager to re-invigorate the development of the Rossukon oil field, which we believe has the potential to more than double overall production from these assets.
In keeping with our strategy, we expect that the Acquisition will evolve Valeura into a cash-flow generating oil producer with exposure to international oil prices and opportunities for further growth in Southeast Asia in the near term, while maintaining substantial potential upside value in the longer-term through our tight gas appraisal play in Turkey."
Acquisition
The Seller's assets are being acquired out of a receivership where, after an extended period of low oil prices, the Seller filed a winding up petition in June 2021. The SPA effects the purchase of certain of the Seller's assets in Thailand, which are being re-organised by the receiver into a single corporate entity for purchase.
To facilitate the Acquisition, Valeura has formed Panthera Resources Pte. Ltd., a Singapore-domiciled special purpose vehicle company ("SPV") to serve as the buyer entity under the SPA and for the MOPU Purchase. Valeura will hold an 85% interest in the SPV, with the remainder held by Panthera Thailand Pte. Ltd. ("Panthera"). The relationship between Valeura and Panthera as shareholders of the SPV is governed by a shareholder agreement which includes, among other things, provisions for the funding of the SPA and MOPU Purchase on a 100% basis by Valeura, and the ongoing engagement of certain Panthera individuals as part of Valeura's regional leadership team (the "Panthera Agreement"). Panthera's indirect interests will thereafter be identified by Valeura as a minority shareholder interest, in accordance with International Financial Reporting Standards. The Panthera individuals expected to be employed by the SPV comprise a senior leadership team with multiple decades of experience in the Southeast Asia region, and a direct history with the acquired assets.
The SPA has an effective date of January 1, 2022 and is subject to Valeura lodging a parent company guarantee with the Thailand regulator relating to performance of licence obligations. Valeura anticipates the Acquisition will close in Q2 2022.
Valeura has paid initial cash consideration of US$3.1 million which includes the purchase price and compensation for maintenance and administrative costs incurred since the effective date, as adjusted for working capital. Valeura will pay contingent consideration of US$2.0 million 90 days after first oil has been delivered from the next infill development drilling programme on the Wassana field, notionally planned for Q2 2023. Further contingent consideration of US$5.0 million will become due 90 days after first production through a permanent production facility on the Rossukon field.
Through the MOPU Purchase, also out of receivership, the SPV will acquire the MOPU Ingenium for a total consideration of US$9.2 million, which is expected to be paid in installments over 14 months.
Valeura intends to fund the Acquisition entirely from cash resources on hand and, insofar as contingent consideration and deferred payments for the MOPU Purchase are concerned, through cash flows generated from the assets.
Licence G10/48: Production Reactivation Asset
The SPV will acquire operatorship and an 89% WI in block G10/48, which is located in the Gulf of Thailand, approximately 115 km offshore in 48 metres of water depth. The block contains the developed Wassana oil field and several undeveloped discoveries. The Wassana field was developed by way of production wells drilled from the MOPU and started production in 2015. Peak oil production was 7,700 bbls/d (gross) in 2016. The field was shut-in temporarily in 2020 amidst a challenging economic climate due to low benchmark oil prices. At that time, the leased Floating Storage and Offloading vessel ("FSO") went off contract and departed the field, while the wells and MOPU production facility were actively maintained in a dormant state and remain in good working order.
Based on the Company's internal assessment effective December 31, 2021, block G10/48 contains approximately 4.0 mmbbls of 2P oil reserves and 7.4 mmbbls of 2C contingent (unrisked) oil resources net to the SPV. See "Oil & Gas Advisories" below.
Valeura intends to restart production operations as soon as practicable after the Acquisition closes. Oil production is expected approximately six months after close and the Company anticipates production rates of approximately 3,000 bbls/d, net to the SPV, based on the existing production at the time the field was temporarily shut in. Oil will be offloaded to an FSO and then exported by shuttle tanker.
The primary scope of work involved in restarting Wassana production is to complete a recertification of the MOPU and to bring an FSO on site, under the terms of a long-term lease. Planning for the MOPU recertification is underway and a new FSO has already been identified via tendering, with commercial agreements to be executed once the Acquisition closes. Thereafter, the Company anticipates that production operations can be restarted without any need for service rig interventions.
Valeura anticipates that the combination of owning, rather than leasing, the MOPU and establishing more favourable FSO lease rates will result in a materially lower cost base for the Wassana field than under the previous operator. The Company expects field operating costs to be approximately US$10 million per quarter net to the SPV, equating to approximately US$36/bbl. Wassana's production is medium gravity, sweet crude oil, which has historically sold at a discount of approximately US$6/bbl to Brent crude oil benchmark prices. At current Brent benchmark prices of approximately US$100/bbl, Wassana's near-term production is expected to generate net cash flows of approximately US$9 million per quarter.
Valeura's 2P reserves estimate for the Wassana field includes drilling of five horizontal infill wells into additional oil-bearing reservoir sands that were identified on 3D seismic, drilled, and shown to be productive prior to the field being shut-in, but have not been fully developed. The Company envisages an initial five-well infill drilling campaign in the field in 2023 at an estimated cost of US$30 million to access these sands, with details and timing to be finalised in due course. In its 2C resource estimate, the Company has identified 10 further infill wellsto be drilled in subsequent years at similar costs to further increase recovery from the Wassana field reservoirs. The Company's 2C resource estimate also includes two discovered but undeveloped fields which are well-imaged on 3D seismic but are unclarified and non-commercial at this time. In addition to the resource estimates, the Company has identified several exploration prospects which are well-imaged on 3D seismic and will be reviewed further. The Company believes that collectively, these provide further value upside opportunities.
Reserves and resources associated with block G10/48 are in the process of being updated by the incumbent independent petroleum engineering firm, Netherland, Sewell & Associates, Inc. ("NSAI") and will be published by the Company in due course.
Licence G6/48 Development Asset
The SPV will also acquire the G6/48 block located approximately 195 km offshore in the Gulf of Thailand in 53 metres water depth. This includes operatorship and a 43% WI in the fully-appraised Rossukon oil field with recoverable 2C resources of 5.0 mmbbl of oil, net to the SPV as of December 31, 2021, as estimated by management.
The Rossukon oil field has a regulator-approved development plan which contemplates peak oil production rates of 12,000 bbls/d gross (5,160 bbls/d net to the SPV) and sets a first-oil requirement by November 2023. Once the SPV assumes operatorship of the block, Valeura will commence discussions with partners and regulators to agree the development scenario that best meets stakeholder objectives with regard to timing and resource delivery. As an alternative to the approved development plan, a reduced scope early development plan is under review which could yield production sooner and with lower capex in 2023, but with a lower and flatter production profile.
Until such time as the final development plan has been mutually agreed, Valeura regards the Rossukon field as a source of potential upside, with recoverable volumes, classed as 2C contingent (unrisked) resources, comprised of 5.0 mmbbls of oil and 5.7 bcf of gas, based on the development scenario contemplated in the regulator-approved development plan. See "Oil & Gas Advisories" below.
Resources associated with block G6/48 are in the process of being updated by NSAI and will be published by the Company in due course.
Financial Upside
The SPA is structured as a purchase of the shares in a corporate entity, and accordingly, includes that entity's historical tax losses, which can be applied to future taxable earnings in Thailand.
In keeping with Valeura's strategy, the Company intends to continue pursuing inorganic growth, and is evaluating opportunities for further acquisitions in Thailand with synergies to the acquired assets and the tax losses.
Human Resources
As part of the Acquisition, the Company intends to employ the Seller's Thailand workforce, comprising approximately 30 individuals. This is expected to add a capable and experienced local operating unit to Valeura, as well as an office in Bangkok.
Separately, through the Panthera Agreement, the SPV will engage individuals from the Panthera organisation to fill key regional leadership roles. These individuals have direct experience with the assets being acquired and will form the core of the regional leadership team.
Effect on London and Toronto listings
Following consultation with the Financial Conduct Authority ("FCA"), the Company has been advised that the Acquisition, should it close, will constitute a reverse takeover for the purposes of the Listing Rules of the FCA. Therefore, the Company was required to request a suspension of the listing of its common shares ("Common Shares") on the standard segment of the Official List and trading in its Common Shares on the Main Market of the London Stock Exchange has been suspended as of today.
The Common Shares will continue to trade as normal on the Toronto Stock Exchange. Interests in the Company's shares purchased on the London Stock Exchange are fully fungible and can be transferred from the UK depositary to the Canadian depositary to be traded on the Toronto Stock Exchange. Shareholders interested in transferring their shares should contact their broker or nominee to coordinate such a transaction with the Company's registrar.
Webcast Presentation
Valeura's management team will host an investor and analyst webcast today, Thursday April 28, 2022 at 09:00 Calgary / 16:00 London / 22:00 Bangkok / 23:00 Singapore to discuss the Acquisition. The live audio and video feed and Q&A portal can be accessed via the Microsoft Teams link below. Attendees are advised to ensure they have the Microsoft Teams app installed in advance.
#76
South East Asia / Thailand - Wassana (FSO Jaka T...
Last post by Administrator - Apr 08, 2026, 05:05 AMThe KrisEnergy-operated Wassana oil field lies in the G10/48 licence in the Gulf of Thailand. KrisEnergy holds an effective 89% working interest in G10/48. The Wassana oil field commenced production on 14 August 2015. Production is expected to peak at 10,000 barrels of oil per day.
G10/48 covers 247 sq km in the Gulf of Thailand over the southern margin of the Pattani Basin in water depths up to 60 metres.
The G10/48 licence area contains the Wassana, Niramai, Mayura and Rayrai oil discoveries. The Wassana oil field commenced oil production on 14 August 2015. The field comprises 18 development wells producing to a mobile offshore production unit with oil transfered to a floating storage and offloading vessel. A brief video detailing the Wassana development project can be viewed here.
KrisEnergy took over operatorship of G10/48 in May 2014 and holds an 89% working interest. Palang Sophon holds the remaining 11%.
Source: Eocene to Oligocene lacustrine and Miocene fluvio-deltaic shales
Reservoir: Oligo-Miocene fluvio-deltaic sandstones
Trap: Tilted fault blocks
Seal: Oligo-Miocene intra-formational shales
G10/48
Wassana first oil
on 14 August 2015
G10/48 covers 247 sq km in the Gulf of Thailand over the southern margin of the Pattani Basin in water depths up to 60 metres.
The G10/48 licence area contains the Wassana, Niramai, Mayura and Rayrai oil discoveries. The Wassana oil field commenced oil production on 14 August 2015. The field comprises 18 development wells producing to a mobile offshore production unit with oil transfered to a floating storage and offloading vessel. A brief video detailing the Wassana development project can be viewed here.
KrisEnergy took over operatorship of G10/48 in May 2014 and holds an 89% working interest. Palang Sophon holds the remaining 11%.
Source: Eocene to Oligocene lacustrine and Miocene fluvio-deltaic shales
Reservoir: Oligo-Miocene fluvio-deltaic sandstones
Trap: Tilted fault blocks
Seal: Oligo-Miocene intra-formational shales
G10/48
Wassana first oil
on 14 August 2015
#77
West Africa / Re: Angola - Blocks 20/11 and ...
Last post by Administrator - Apr 07, 2026, 09:41 AMChinese Yard to Build USD 6 billion FPSO for TotalEnergies Project in Angola
19 July 2024
Italian contractor Saipem has awarded Chinese shipyard Merchants Heavy Industry (CMHI) a significant contract to deliver a floating production, storage and offloading (FPSO) vessel for TotalEnergies' USD 6 billion Kaminho project offshore Angola.
The award, Upstream Online reported, marks a key milestone to monetise oil and gas deposits in Angola's pre-salt Kwanza basin, which is pivotal for an Angolan government that aims to attract further investment in upstream activities, sustain oil production and stimulate development.
Kaminho — formerly known as Cameia-Golfinho — is the first deepwater development in the Kwanza basin, targeting the Cameia and Golfinho fields situated in 1700 metres of water, about 100 kilometres offshore.
CMHI has already begun engineering work for the FPSO at its Nantong facility, following Saipem securing a dry dock slot.
The contract follows TotalEnergies awarding Saipem three contracts for the Kaminho project worth USD 3.7 billion for the EPC of the FPSO, along with related supplies and services, in May 2024.
The Kaminho project comprises the conversion of a VLCC to a FPSO which will be connected to a subsea production network. Production is expected to commence in 2028, with a plateau of 70,000 bopd.
Top
19 July 2024
Italian contractor Saipem has awarded Chinese shipyard Merchants Heavy Industry (CMHI) a significant contract to deliver a floating production, storage and offloading (FPSO) vessel for TotalEnergies' USD 6 billion Kaminho project offshore Angola.
The award, Upstream Online reported, marks a key milestone to monetise oil and gas deposits in Angola's pre-salt Kwanza basin, which is pivotal for an Angolan government that aims to attract further investment in upstream activities, sustain oil production and stimulate development.
Kaminho — formerly known as Cameia-Golfinho — is the first deepwater development in the Kwanza basin, targeting the Cameia and Golfinho fields situated in 1700 metres of water, about 100 kilometres offshore.
CMHI has already begun engineering work for the FPSO at its Nantong facility, following Saipem securing a dry dock slot.
The contract follows TotalEnergies awarding Saipem three contracts for the Kaminho project worth USD 3.7 billion for the EPC of the FPSO, along with related supplies and services, in May 2024.
The Kaminho project comprises the conversion of a VLCC to a FPSO which will be connected to a subsea production network. Production is expected to commence in 2028, with a plateau of 70,000 bopd.
Top
#78
West Africa / Re: Angola - Blocks 20/11 and ...
Last post by Administrator - Apr 07, 2026, 09:40 AMSaipem: 3 new contracts awarded by TotalEnergies E&P Angola Block 20 for the Kaminho project for an overall amount of 3.7 billion USD
Milan (Italy), May 21, 2024 – Saipem has been awarded three new contracts by TotalEnergies EP Angola Block 20, a subsidiary of TotalEnergies, for the Kaminho project relating to the development of Cameia and Golfinho oil fields, located approximately 100 km off the coast of Angola. The overall amount of the contracts is 3.7 billion USD.
The first contract refers to the Engineering, Procurement, Construction, Transportation and Commissioning of the Kaminho Floating Production Storage and Offloading (FPSO) vessel.
The second contract entails the Operation and Maintenance (O&M) of the same vessel FPSO for a firm period of 12 years with a potential 8-year extension, leveraging on the expertise acquired from three other FPSOs currently operating in Angola.
The third contract involves the Engineering, Procurement, Supply, Construction, Installation, Pre-Commissioning and Assistance for the commissioning and start-up of a Subsea, Umbilicals, Risers and Flowlines (SURF) package which includes approximately 30 km of 8" and 10" subsea flowlines and risers, and umbilicals. The associated structures will be fabricated in Saipem's local yard in Ambriz.
For the offshore campaign, and specifically for the J-lay vessel, Saipem will deploy its FDS and will widely involve the local supply chain for logistics and fabrication activities.
The joint award of the SURF, FPSO and O&M contracts confirms the competitiveness of Saipem's integrated business model, in particular the company's unique capability to provide offshore and plant project management and engineering services, combined with a state-of-the-art fleet and local fabrication capacity.
Milan (Italy), May 21, 2024 – Saipem has been awarded three new contracts by TotalEnergies EP Angola Block 20, a subsidiary of TotalEnergies, for the Kaminho project relating to the development of Cameia and Golfinho oil fields, located approximately 100 km off the coast of Angola. The overall amount of the contracts is 3.7 billion USD.
The first contract refers to the Engineering, Procurement, Construction, Transportation and Commissioning of the Kaminho Floating Production Storage and Offloading (FPSO) vessel.
The second contract entails the Operation and Maintenance (O&M) of the same vessel FPSO for a firm period of 12 years with a potential 8-year extension, leveraging on the expertise acquired from three other FPSOs currently operating in Angola.
The third contract involves the Engineering, Procurement, Supply, Construction, Installation, Pre-Commissioning and Assistance for the commissioning and start-up of a Subsea, Umbilicals, Risers and Flowlines (SURF) package which includes approximately 30 km of 8" and 10" subsea flowlines and risers, and umbilicals. The associated structures will be fabricated in Saipem's local yard in Ambriz.
For the offshore campaign, and specifically for the J-lay vessel, Saipem will deploy its FDS and will widely involve the local supply chain for logistics and fabrication activities.
The joint award of the SURF, FPSO and O&M contracts confirms the competitiveness of Saipem's integrated business model, in particular the company's unique capability to provide offshore and plant project management and engineering services, combined with a state-of-the-art fleet and local fabrication capacity.
#79
West Africa / Re: Angola - Blocks 20/11 and ...
Last post by Administrator - Apr 07, 2026, 09:40 AMAngola: TotalEnergies sells a 40% interest in Block 20 to Petronas ahead of its development
Paris, September 28, 2023 – TotalEnergies EP Angola Block 20 has finalized the sale to PETRONAS ANGOLA E&P LTD (PAEPL), a company belonging to the PETRONAS group of companies, of a 40% interest in Block 20 in the Kwanza Basin in Angola. The transaction was completed for an amount of $400 million as at January 1st, 2023, subject to customary price adjustments.
TotalEnergies retains the operatorship and a 40% interest in Block 20, alongside PAEPL (40%) and Sonangol Pesquisa e Produção S.A. (20%).
Block 20 contains the Cameia and Golfinho oil discoveries, located around 150 km southwest of Luanda. These discoveries are planned to be developed through a system of subsea wells connected to a FPSO (Floating Production, Storage and Offloading unit) with an oil production capacity of 70,000 barrels per day, which will be the seventh FPSO developed by TotalEnergies in Angola. The project will include the best available technologies to minimize greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.
"TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza basin. With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities", said Nicolas Terraz, President, Exploration & Production at TotalEnergies.
Paris, September 28, 2023 – TotalEnergies EP Angola Block 20 has finalized the sale to PETRONAS ANGOLA E&P LTD (PAEPL), a company belonging to the PETRONAS group of companies, of a 40% interest in Block 20 in the Kwanza Basin in Angola. The transaction was completed for an amount of $400 million as at January 1st, 2023, subject to customary price adjustments.
TotalEnergies retains the operatorship and a 40% interest in Block 20, alongside PAEPL (40%) and Sonangol Pesquisa e Produção S.A. (20%).
Block 20 contains the Cameia and Golfinho oil discoveries, located around 150 km southwest of Luanda. These discoveries are planned to be developed through a system of subsea wells connected to a FPSO (Floating Production, Storage and Offloading unit) with an oil production capacity of 70,000 barrels per day, which will be the seventh FPSO developed by TotalEnergies in Angola. The project will include the best available technologies to minimize greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.
"TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza basin. With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities", said Nicolas Terraz, President, Exploration & Production at TotalEnergies.
#80
West Africa / Re: Angola - Blocks 20/11 and ...
Last post by Administrator - Apr 07, 2026, 09:40 AMAngola: A New Milestone Towards the Development of Blocks 20 and 21
Paris, May 2, 2023 – Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), TotalEnergies EP Angola and Sonangol Pesquisa e Produção S.A. signed today a heads of agreement related to the future development of the Cameia and Golfinho fields, located on Blocks 20 and 21 in the Kwanza basin.
This heads of agreement is an important milestone towards a final investment decision expected in 2023, after partners and authorities' approval.
This future development project on Blocks 20 and 21, located around 150 km southwest of Luanda, will comprise an FPSO, the seventh for TotalEnergies in Angola, connected to a subsea network. The design of this new project includes electrical generation from a combined cycle turbine and a zero flaring concept, allowing a lower carbon intensity.
"Together with our partners, we are working to make possible this first offshore development project in the Kwanza basin, which will allow to put in production Cameia and Golfinho discoveries and add more value to new national energy resources", said Nicolas Terraz, President, Exploration & Production at TotalEnergies. "TotalEnergies celebrates 70 years of presence in Angola this year. We have always been pioneers in the Angolan energy landscape."
"This agreement should allow the first production in the maritime zone of the Kwanza and may contribute decisively for the national production objectives. Its potential may generate interest from other operators, including the beginning of other developments on the Kwanza Basin", said Paulo Jerónimo, Chairman of the Board of ANPG, congratulating the pioneers TotalEnergies and Sonangol Pesquisa e Produção, and awaiting with expectation the next phases for the concretization of results.
"Today, we reached an important milestone. For the coming years, the objective is for this project to be successful. For some time now, we want Blocks 20 and 21 to start producing, and we target a final investment decision this year, allowing soon that the offshore Kwanza Basin begins production", said Gaspar Martins, Chairman of the Board, at Sonangol.
TotalEnergies EP Angola Blocks 20-21 (Operator) holds an 80% interest in each block, while Sonangol Pesquisa e Produção S.A holds the remaining 20%.
Paris, May 2, 2023 – Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), TotalEnergies EP Angola and Sonangol Pesquisa e Produção S.A. signed today a heads of agreement related to the future development of the Cameia and Golfinho fields, located on Blocks 20 and 21 in the Kwanza basin.
This heads of agreement is an important milestone towards a final investment decision expected in 2023, after partners and authorities' approval.
This future development project on Blocks 20 and 21, located around 150 km southwest of Luanda, will comprise an FPSO, the seventh for TotalEnergies in Angola, connected to a subsea network. The design of this new project includes electrical generation from a combined cycle turbine and a zero flaring concept, allowing a lower carbon intensity.
"Together with our partners, we are working to make possible this first offshore development project in the Kwanza basin, which will allow to put in production Cameia and Golfinho discoveries and add more value to new national energy resources", said Nicolas Terraz, President, Exploration & Production at TotalEnergies. "TotalEnergies celebrates 70 years of presence in Angola this year. We have always been pioneers in the Angolan energy landscape."
"This agreement should allow the first production in the maritime zone of the Kwanza and may contribute decisively for the national production objectives. Its potential may generate interest from other operators, including the beginning of other developments on the Kwanza Basin", said Paulo Jerónimo, Chairman of the Board of ANPG, congratulating the pioneers TotalEnergies and Sonangol Pesquisa e Produção, and awaiting with expectation the next phases for the concretization of results.
"Today, we reached an important milestone. For the coming years, the objective is for this project to be successful. For some time now, we want Blocks 20 and 21 to start producing, and we target a final investment decision this year, allowing soon that the offshore Kwanza Basin begins production", said Gaspar Martins, Chairman of the Board, at Sonangol.
TotalEnergies EP Angola Blocks 20-21 (Operator) holds an 80% interest in each block, while Sonangol Pesquisa e Produção S.A holds the remaining 20%.