Monday, June 17, 2024
HomethailandgeneralTTA takes 10.14% share in Valeura

TTA takes 10.14% share in Valeura

Growing oil and gas demand in Asia has prompted SET-listed Thoresen Thai Agencies (TTA), an investment holding firm, to acquire a 10.14% share in Valeura Energy Inc, the second-largest oil producer in Thailand.

The Canada-based petroleum exploration and production company operates many petroleum blocks in the Gulf of Thailand.

Valeura owns the Jasmin and Wassana blocks and holds a 90% share in the Nongyao block and a 70% share in the Manora block.

TTA did not reveal the price of the share purchase, which amounts to 10.309 million shares.

The company’s latest asset acquisition aligns with its investment in petroleum rig development and decommissioning and engineering service businesses under Mermaid Maritime, which is listed on Singapore’s stock market.

Mermaid Maritime has provided subsea and offshore drilling services for the oil and gas industry in Southeast Asia, the Middle East, the North Sea and West Africa for more than 30 years.

Chalermchai Mahagitsiri, president and chief executive of TTA, said the decision to invest in Valeura Energy stems from its business growth potential and a promising high return.

TTA expects to fully support plans that fuel the growth of Valeura Energy’s businesses, in line with TTA’s investment strategy, he said.

TTA has a diverse portfolio of businesses. In addition to oil and gas, it also invests in shipping, offshore services, agrochemical, and food and beverage.

After the share purchase, TTA will become the second-largest shareholder in Valeura Energy, following Baillie Gifford & Co, an investment management company.

As of June, Valeura Energy produced 22,100 barrels of oil per day in Thailand and its proved petroleum reserves totalled 29 million barrels.

“I am pleased to welcome TTA as a shareholder,” said Sean Guest, president and chief executive of Valeura Energy.

“We continue to believe that an investment in Valeura shares will offer substantial potential value for both existing and new shareholders alike.”

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