Gulf of Thailand: Uzma Clinches 3-Year Coil Tubing Contract with Valeura Energy

Thursday, May 11, 2023

Malaysia-based energy industry services firm Uzma has, via its Thai subsidiary MMSVS secured a contract with the oil company Valeura Energy Inc.

The three-year contract is for the provision of coil tubing equipment and services in the Gulf of Thailand.

The value of the contract is around 45 million Malaysian ringgit (currently around $10,1 million) in Malaysia over the firm period of the contract.

Valeura Energy will have the option to extend the contract for two more years.

The oil and gas company in December 2022 agreed to buy three offshore blocks in the Gulf of Thailand from Mubadala Petroleum's subsidiary, Busrakham Oil & Gas.

This was not Valeura's first acquisition in the Gulf of Thailand of the year. Namely, in Q2 2022, Valeura acquired KrisEnergy International (Thailand) Holdings Ltd. which owns and operates two licenses in the offshore Gulf of Thailand. 

The acquisition included the suspended Wassana oil field and the fully appraised Rossukon oil field. Additionally, through a separate agreement, the company agreed to acquire the Mobile Production Unit Ingenium (“MOPU”) which is on location at the Wassana oil field.

On April 28, 2023 Wassana’s production was re-started, introducing crude oil into the field’s processing facilities for the first time in nearly three years.    

Also, Valeura’s 11% partner in Licence G10/48, Palang Sophon Limited opted to discontinue its participation in the license, and agreed to transfer its 11% working interest to Valeura, which will proceed with further Wassana oil field operations on a 100% working interest basis, including its planned infill drilling campaign which is scheduled to begin in Q3 2023.

In consideration, Valeura has agreed to discharge PSL of outstanding liabilities owed in connection with joint operations on the licence as well as any future liabilities associated with its past involvement in the license.



Categories: Energy Industry News Activity Well Operations Asia

Related Stories

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Santos Hires Weststar-GAP for Timor-Leste Offshore Helicopter Services

Saipem’s Castorone Vessel on Its Way to Türkiye’s Largest Gas Field

ABS Approves Hanwha Ocean’s FPSO Design

Current News

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Mitigate SCC & HE to Keep Offshore Metal Structures Ship Shape

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Petrovietnam, Petronas Extend PSC for Offshore Block

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com