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CommoditiesMediumUpdated•Originally published 22 September 2026•Updated 22 September 2026•
2 min read

Valeura, PTTEP Approve Bussabong Phase 1; First Gas Targeted by End-2028

Key Facts

1Valeura and PTTEP took the final investment decision on Phase 1, targeting first gas around the end of 2028.
2The plan includes two 24-slot platforms and a 9-kilometre subsea tie-back to Bongkot facilities.
3Valeura expects 35 million dollars (USD) of facilities, installation and pipeline spending and 20-25 million dollars (USD) for 25 wells, net to its 40% interest.
4Phase 1 targets gross production of 30 million cubic feet per day in 2029 and 40 million cubic feet per day in 2030, with Valeura shares of 12 million cubic feet per day and 16 million cubic feet per day.

Valeura Energy and partner PTTEP have taken a final investment decision on Phase 1 of the Bussabong gas development in Gulf of Thailand Block G3/65, targeting first production around the end of 2028. Valeura is due a 40% non-operated interest under the farm-in; Thailand's cabinet has approved the transfer, with administrative completion still pending.

Phase 1 comprises two wellhead platforms with 24 slots each, installed in water depths of 75-90 metres. A 12-inch, 9-kilometre subsea pipeline will connect them to processing facilities at the Bongkot field in Block G2/61, with no new processing capacity required.

Valeura expects to spend about 35 million dollars (USD) during 2027 and 2028 on its share of facilities, installation and pipelines, plus 20-25 million dollars (USD) to drill 25 development wells, all net to its 40% interest. Tying into existing Bongkot facilities avoids a standalone processing build, reducing capital intensity and execution risk relative to an independent development; no material project spending is planned for 2026.

The operator told Valeura that Phase 1 is intended to deliver gross sales-gas production of about 30 million cubic feet per day in 2029, including 12 million cubic feet per day attributable to Valeura, rising to 40 million cubic feet per day in 2030, including 16 million cubic feet per day attributable to Valeura. The gas is expected to be relatively dry, yielding about 20 barrels of condensate per million cubic feet.

The next step is for the operator to negotiate a gas sales agreement with regulators and the customer. Valeura says Thai domestic gas is typically sold under long-term take-or-pay contracts priced against a commodity basket that includes fuel oil and is adjusted for inflation; that structure provides greater demand and revenue visibility, although project economics still depend on final terms. Valeura's reserves are due to be evaluated on December 31, 2026, when the volumes may be added if an agreement has been executed.