Thai’s state oil firm PTTEP and Valeura Energy have taken a final investment decision on the first phase of the Bussabong gas development in the Gulf of Thailand, targeting first production around the end of 2028 from a 25-well development.
Bussabong lies in the eastern part of Block G3/65, where Valeura is set to hold a 40% non-operated working interest and PTTEP Energy Development Company is the operator.
The initial development will comprise two wellhead platforms with 24 well slots each, installed in water depths of 75 to 90 metres towards the northern end of the field.
The platforms will be connected through a 12-inch, nine-km subsea pipeline to existing gas processing infrastructure at the PTTEP-operated Bongkot field in neighbouring Block G2/61. No additional processing capacity is required to accommodate Bussabong production.
The operator plans to drill 25 development wells, with Phase 1 intended to deliver sales gas production of about 30 million cubic feet per day in 2029, rising to around 40 mmcf/d in 2030. Valeura's 40% share would amount to 12 mmcf/d and 16 mmcf/d, respectively.
Gas from the field is expected to be relatively dry, based on samples collected during exploration drilling, with about 20 barrels of condensate per million cubic feet of gas.
Valeura expects its share of spending on facilities, installation and pipelines to total about $35 million across 2027 and 2028, with another $20 million to $25 million earmarked for its share of drilling the 25 development wells.
Bussabong is covered by existing 3D seismic and contained several historic gas discoveries before Valeura entered its farm-in arrangement with PTTEP. A further exploration well drilled in 2025 was successful, prompting the partners to move into development planning.
The reservoirs are divided into multiple fault-block compartments, allowing the field to be developed in phases. Thailand's upstream regulator has already approved a defined production area, and Valeura envisages further investment decisions subject to results from step-out exploration and appraisal drilling.
“Phase 1 is set to unfold quickly, with first gas planned for approximately the end of 2028. This quick action reflects PTTEP’s customary streamlined approach and underscores the importance of establishing this strategic relationship,” said Sean Guest, Valeura’s President and CEO.
Valeura is earning its 40% interest in Blocks G1/65 and G3/65 through its farm-in with PTTEP. Thailand's cabinet has approved the transfer, which is expected to be completed as an administrative step in late September or early October 2026.
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