Valeura Energy and PTTEP Energy Development Company have approved a final investment decision to proceed with the first phase of the Bussabong offshore gas development in the Gulf of Thailand.
Located in Block G3/65, where Valeura holds a 40 per cent non-operated working interest alongside operator PTTEP, the offshore venture represents the Canadian energy company's first organic gas development in the country.
The initial phase encompasses two wellhead platforms with 24 well slots each in water depths between 75 and 90 metres.
Production will tie into existing processing infrastructure at the nearby Bongkot field across Block G2/61 through a 12-inch (30.48-centimetre) subsea pipeline extending nine kilometres east.
Facilities, installation, and pipeline capital expenditures net to Valeura's 40 per cent share are projected by the company at approximately $35 million across 2027 and 2028. An additional $20 million to $25 million is estimated by Valeura for drilling 25 planned development wells, with no material spending expected in 2026.
Phase 1 wells are intended by the operator to deliver sales gas of approximately 30 million cubic feet per day in 2029, increasing to approximately 40 million cubic feet per day in 2030.
With first gas targeted for approximately the end of 2028, PTTEP will work alongside regulatory authorities and domestic buyers to finalise a gas sales agreement.
Thailand's cabinet has granted executive approval to transfer the 40 per cent working interest across Blocks G1/65 and G3/65 from PTTEP to Valeura.
The company expects this administrative transaction to conclude later in September or early October, following an exploration well drilled in 2025 that confirmed the commercial potential of the field.