Valeura acknowledges Thai suspension of oil exports

Executive Summary

• Valeura Energy Inc. acknowledges a request from Thailand's Ministry of Energy for domestic oil producers to prioritize national energy security by postponing facility downtime and suspending crude oil exports due to Middle East supply disruptions.
• The company intends to comply with the request to support Thailand's economy and energy needs, confirming that production will continue as usual without interference to operations.
• Approximately one-third of Valeura's oil is typically sold into the domestic Thai market, which consists of refiners and blenders experienced with the company's crude oil streams.

Key Details

• Regulatory Request: Thailand's Ministry of Energy issued a press release requesting domestic producers to cooperate with national energy security efforts amid disruptions to oil supplies from the Middle East.
• Specific Actions Required: The request includes postponing planned downtime of oil production facilities and temporarily suspending crude oil exports.
• Company Response: Valeura is seeking clarification from the Ministry to ensure full compliance and intends to comply with the mandate to support Thailand's energy needs.
• Operational Impact: Valeura anticipates no interference with continuing operations; production is continuing as usual in accordance with health, safety, and environmental standards.
• Market Context: Thailand is a net importer of oil, with approximately 92% of daily crude oil requirements coming from foreign sources (predominantly the Middle East) based on 2025 data from the Energy Policy and Planning Office.
• Historical Precedent: Thailand has issued similar requests in the past in response to geopolitical developments to mandate that domestically-produced petroleum remains within the country.
• Sales Distribution: Typically, approximately one-third of Valeura's oil is sold into the domestic Thai market, with various oil streams sold within this market from time to time.

Notable Quotes

• "Valeura anticipates that this new government action will not interfere with the company's continuing operations in Thailand, and production is continuing as usual and in accordance with Valeura's high standards for health, safety and environmental stewardship."
• "Valeura is well versed in responding to such requests and intends to comply to support Thailand's energy needs."