Canada-based Valeura Energy has concluded the acquisition of the upstream oil-producing portfolio offshore Thailand from Mubadala Petroleum’s subsidiary Busrakham Oil and Gas.

The deal with Mubadala Petroleum (Thailand) Holdings was first announced in December 2022.

According to the deal, Valeura’s wholly owned subsidiary Valeura Energy Asia has acquired the operating interest in three offshore licences in the Gulf of Thailand.

The firm now owns a 100% stake in licence B5/27 containing the Jasmine and Ban Yen oil fields; a 90% operated interest in licence G11/48 comprising the Nong Yao oil field; and a 70% operated stake in licence G1/48 involving the Manora oil field. 

In December, the Canadian oil and gas company said that the three licences had production of approximately 21,200bbl/d of oil, net to the interest considered for acquisition.

Valeura president and CEO Sean Guest said: “With our expanded asset base, we can now begin to realise synergies across our operations, unlocking even more value for our stakeholders while remaining mindful of our primary focus on safe, reliable operations. 

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“At the same time, our growth ambitions remain at the core of our forward strategy. We intend to pursue the organic growth opportunities within our portfolio, as well as further inorganic opportunities in South-East Asia.”

Netherland, Sewell & Associates has been commissioned by Valeura to undertake a reserves and contingent resources evaluation for all its assets in Thailand, effective 31 December 2022.