EnergyMining

OTC Asia 2026: Thailand Offshore Growth and Energy Security, with Greg Kulawski

Rystad Energy
Rystad Energy•May 4, 2026

Why It Matters

Velour’s redevelopment and PTTEP partnership enhance Thailand’s offshore oil output, offering investors exposure to a growing, energy‑secure market amid regional supply constraints.

Key Takeaways

  • •Velour operates four Gulf of Thailand oil concessions, producing 23,000 bpd.
  • •Redevelopment of Wassana field aims to extend life to mid‑2040s.
  • •New farm‑in with PTTEP adds exploration acreage and rapid monetization path.
  • •Advanced imaging, geosteering and multilateral wells cut unit costs.
  • •Stable Thai fiscal terms attract reinvestment amid regional energy security concerns.

Summary

Greg Kulawski, COO of Velour Energy, outlined the company’s expanding footprint in Thailand’s offshore sector during the OTC Asia conference. Velour, a Toronto‑listed firm, runs four producing concessions in the Gulf of Thailand, delivering roughly 23,000 barrels of oil per day, and partners with PTTEP on two exploration licences.

The 2024 work program centers on continuous drilling and a major redevelopment of the Wassana field, which will replace an aging facility with a new central processing unit and extend the field’s life from 2027 to the mid‑2040s. A recent farm‑in with PTTEP adds substantial acreage, promising swift transition from discovery to monetization. Technologically, Velour is deploying seismic re‑processing, next‑gen geosteering, autonomous inflow control devices and its first multilateral wells to lower unit development costs and boost recovery.

Kulawski highlighted the strategic fit with PTTEP—combining PTTEP’s gas production expertise with Velour’s oil‑focused licence management—and emphasized Thailand’s reliance on imported oil (80‑90%). He noted that postponing shutdowns and pursuing fiscal incentives are key to bolstering domestic supply, while praising Thailand’s stable concession terms that underpin long‑term investment.

For investors, Velour’s aggressive asset optimisation and partnership model signal upside potential in a market where energy security, affordability and sustainability are increasingly intertwined. Stable regulatory conditions and technology‑driven cost reductions position the company to capture higher margins as Thailand seeks greater self‑sufficiency.

Original Description

Recorded at OTC Asia 2026 in Kuala Lumpur, Noah Brenner speaks with Greg Kulawski, Chief Operating Officer of Valeura Energy, about offshore production, redevelopment and energy security in Thailand.
The conversation explores Valeura Energy’s operated assets in the Gulf of Thailand, the company’s ongoing drilling and redevelopment work, its strategic partnership with PTTEP, and how technology is helping unlock more value from mature offshore fields.
In this interview:
+ Valeura Energy’s production base and work program in Thailand
+ Why the PTTEP partnership creates new exploration opportunities
+ Why energy security is increasing the focus on domestic production in Southeast Asia
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