Valeura Energy to Accelerate Wassana Field Redevelopment

MT newswire2026/09/01 10:06

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06:06 AM EDT, 09/01/2026 (MT Newswires) -- Valeura Energy (VLE.TO) plans to accelerate its Wassana field redevelopment project on block G10/48 in the offshore Gulf of Thailand, the company said Tuesday. With all commercial arrangements and contractual amendments finalized, Valeura can begin installation of the Wassana central processing platform in October, about two months earlier than planned. The company expects the acceleration to result in additional 2026 spending, mainly due to a shift from its 2027 budget into 2026. The 2026 adjusted capital expenditure guidance is now $220 million to $235 million, up from the previous guidance of $195 million to $215 million. Valeura also expects an additional 430,000 barrels of oil production in 2027 as a result of the acceleration.

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The U.S. Energy Information Administration (EIA) has raised its forecast for average Brent crude oil prices in 2026 and 2027 to $97 and $86, respectively, reflecting pressures from global inventory declines, Middle East supply disruptions, and rising transportation costs. As oil production in the Middle East gradually recovers and global inventories rebound from low levels, the EIA expects the average spot price of Brent crude to fall to $87 per barrel in the second quarter of 2027, and further decline to $77 per barrel by the fourth quarter.

华尔街见闻•2026/11/10 18:41