Thailand to Prioritise Domestic Energy Supply

Core Viewpoint - Valeura Energy Inc. is responding to a request from Thailand's Ministry of Energy for domestic oil producers to support national energy security amid disruptions in oil supply from the Middle East, which includes postponing planned downtime and suspending crude oil exports [1][4]. Company Operations - Valeura is seeking clarification from the Ministry of Energy to ensure compliance with the request while continuing to support Thailand's economy with domestically-produced energy, and production is ongoing as per the company's standards [2][9]. - The company has a viable market for its crude oil within Thailand, with approximately one-third of its oil sold domestically, indicating a strong local demand [3]. Industry Context - Thailand is a net importer of oil, relying on foreign sources for about 92% of its daily crude oil needs, primarily from the Middle East [4]. - The Ministry of Energy has previously issued similar requests to bolster national energy security, demonstrating a pattern of government intervention in response to geopolitical events [4]. Company Strategy - Valeura Energy Inc. is focused on growth in Southeast Asia, aiming to reinvest in its asset portfolio and pursue both organic and inorganic growth opportunities while adhering to high environmental, social, and governance standards [6].