Energy Firm Takes Ownership of Offshore Floater in Gulf of Thailand to Boost Field Operations
Canada’s Valeura Energy completes acquisition of the FSO Aurora at its Nong Yao offshore asset, reinforcing operational control and cost efficiency
Canada-based oil and gas company Valeura Energy has completed the acquisition of a floating storage and offloading vessel (FSO) that is deployed at its Nong Yao field in the Gulf of Thailand.
The transaction, concluded offshore on June 11 after the exercise of the company’s purchase option earlier in 2024, transfers full ownership of the FSO Aurora from its former lessor, a member of the Omni Offshore Terminals group, to Valeura.
The acquisition was funded from the firm’s cash resources at a purchase price of nineteen million U.S. dollars and is designed to give the company enhanced operational flexibility and the ability to optimise logistics and reduce operating costs at its Thai offshore asset.
The Nong Yao oil field, where the FSO is based, produces medium-sweet crude oil and is operated by Valeura, which holds a roughly ninety percent working interest in the licence.
By owning the floating facility rather than leasing it, the company aims to streamline handling of production and storage, underpinning its broader strategy to expand and develop the field.
This move coincides with ongoing drilling and field extension work at Nong Yao, where Valeura is pursuing further resource growth through additional wells and mobile offshore production unit deployments.
The acquisition marks a significant step in solidifying Valeura’s on-the-ground control of offshore infrastructure in Southeast Asia, reflecting both confidence in Thailand’s hydrocarbon assets and a commitment to operational efficiency in its Gulf of Thailand portfolio.
The transaction, concluded offshore on June 11 after the exercise of the company’s purchase option earlier in 2024, transfers full ownership of the FSO Aurora from its former lessor, a member of the Omni Offshore Terminals group, to Valeura.
The acquisition was funded from the firm’s cash resources at a purchase price of nineteen million U.S. dollars and is designed to give the company enhanced operational flexibility and the ability to optimise logistics and reduce operating costs at its Thai offshore asset.
The Nong Yao oil field, where the FSO is based, produces medium-sweet crude oil and is operated by Valeura, which holds a roughly ninety percent working interest in the licence.
By owning the floating facility rather than leasing it, the company aims to streamline handling of production and storage, underpinning its broader strategy to expand and develop the field.
This move coincides with ongoing drilling and field extension work at Nong Yao, where Valeura is pursuing further resource growth through additional wells and mobile offshore production unit deployments.
The acquisition marks a significant step in solidifying Valeura’s on-the-ground control of offshore infrastructure in Southeast Asia, reflecting both confidence in Thailand’s hydrocarbon assets and a commitment to operational efficiency in its Gulf of Thailand portfolio.
