PTT Exploration and Production Public Company Limited and Canada-based Valeura Energy Inc. announced on September 22, 2026 a final investment decision on the first phase of the Bussabong gas field in Block G3/65 in the offshore Gulf of Thailand, with first gas targeted for around the end of 2028. The project will tie into existing PTTEP-operated processing infrastructure and adds a new source of domestic gas supply as Thailand’s energy demand grows.
Key Facts At A Glance
- PTTEP and Valeura Energy took a final investment decision on Phase 1 of the Bussabong gas field on September 22, 2026.
- PTTEP holds a 60% participating interest and operates the project, while Valeura holds a 40% non-operated interest.
- Phase 1 includes two wellhead platforms with 24 well slots each and 25 planned development wells.
- Gas will flow through a nine-kilometer subsea pipeline to processing facilities at the Bongkot field in neighboring Block G2/61.
- First production is targeted for around the end of 2028, with output of about 30 million standard cubic feet per day rising to about 40 million by 2030.
- Valeura’s share of facilities, installation and pipeline spending is about US$35 million, plus an estimated US$20 million to US$25 million for drilling.
- A gas sales agreement with regulators and the gas customer has yet to be formalized.
PTT Exploration and Production Public Company Limited (PTTEP) has announced its final investment decision for the Bussabong gas field in the G3/65 Project, with first natural gas production targeted for 2028 to support Thailand’s energy demand. The decision was taken jointly by PTTEP Energy Development Company Limited, a PTTEP subsidiary, and Valeura Energy Inc., which holds a 40% non-operated working interest in the block. Valeura said the project will be its first organic gas development in its Thailand portfolio.
Following the satisfaction of conditions precedent under the farm-out agreement, PTTEP holds a 60% participating interest and remains the operator, while Valeura holds 40%. PTTEP was awarded exploration and production rights for the G3/65 project under a production sharing contract in 2023, and the project covers about 11,647 square kilometers.
Development Plan And Production Profile
Phase 1 will deploy two wellhead platforms, each with 24 well slots, toward the northern end of the field in water depths of 75 to 90 meters. The platforms will be connected by a 12-inch seabed pipeline to gas processing infrastructure at the Bongkot gas field, nine kilometers east in Block G2/61, and no new processing capacity is required. PTTEP said using existing infrastructure is expected to allow the field to be developed more efficiently, and that the development will take about two years.
According to PTTEP, first gas is targeted for 2028 at a rate of around 30 million standard cubic feet per day, increasing to 40 million standard cubic feet per day by 2030. Valeura stated that first production is expected at approximately the end of 2028, with the operator indicating sales gas of about 30 million cubic feet per day in 2029 and about 40 million in 2030.
Capital Spending And Approvals
Valeura said its share of Phase 1 spending on facilities, installation and pipelines is expected to be about US$35 million, to be spent in 2027 and 2028. The company also expects drilling costs for the 25 planned development wells of US$20 million to US$25 million net to its 40% interest, and no material spending on the development is planned for 2026.
The development plan will proceed following approval of the relevant agreements by government authorities. Valeura said the operator will now work with regulators and the gas customer to formalize a gas sales agreement, with pricing expected to follow established arrangements in the Gulf of Thailand. Thailand’s cabinet has granted executive approval for the transfer of the working interest from PTTEP to Valeura, which is expected to be completed as an administrative step in late September or early October 2026.
Further exploration activity is planned in other areas of the G3/65 project, including an exploration well at the Nong Yao Northeast prospect. Valeura said it envisages further final investment decisions in the coming years, subject to the results of step-out exploration and appraisal drilling.