Valeura Extends FPSO Charter and Maintenance Services Contract for Jasmine Oil Field

Valeura Energy said Thursday it had signed two key contracts relating to its Jasmine oil field offshore Thailand.

Namely, Valeura’s charter of the field’s FPF-003 floating production storage and offloading vessel (“FPSO”), and a contract for provision of operating and maintenance services for the vessel, have been extended by five years until the end of 2028.

 Sean Guest, President and CEO said: "I am pleased to announce these developments, which further illustrate the potential to continue deriving value from the Jasmine oil field.  As announced on May 17, 2023, the Jasmine field has produced 90 million bbls cumulative, greatly exceeding the expectations set at its original development sanction in 2004 of approximately seven million bbls. 

As we continue to see the potential for further production from the Jasmine oil field we have prioritised the maintenance of our infrastructure as a key aspect to ensuring the ongoing safe delivery of value.  These contract extensions pave the way for Valeura to pursue further field extensions and infill drilling in the years to come as we continually seek to extend the economic life of the asset.” 

Both the extension of the FPSO charter and the contract for provision of operations and maintenance services have been extended to the end of 2028. 

In addition, the Canada-based company is conducting approximately US$9 million in capital projects to refurbish the FPSO, ensuring its ongoing reliability and extending the vessel’s class certification, Valeura said. 

Valeura got hold of the Jasmine field when it last year agreed to acquire operated interest in in three offshore licences in the Gulf of Thailand that include the Nong Yao (Licence G11/48), Jasmine/Ban Yen (Licence B5/27) and Manora oil fields (Licence G1/48), from Mubadala.

Petrofac Confirms O&M Contract

Oilfield services firm Petrofac confirmed it had received a five-year extension for the provision of operations and maintenance (O&M) services on the FPF-003 FPSO.

This contract extends Petrofac’s position as Service Operator of the mature asset, a role it has held since 2011.

"Throughout its tenure, Petrofac has extended expected asset life far beyond expectations - from 2016 to 2028 - as a result of a cost-effective approach to operations and life extension projects, resulting in the production of over 90 million barrels of crude oil, several times more than the original estimates of recoverable reserves," Petrofac said.

Nick Shorten, Chief Operating Officer of Petrofac’s Asset Solutions business, said: “We are delighted to be continuing our long-held role on the FPF-003 with Busrakham Jasmine. Throughout our time as Service Operator, our teams have helped maximize the value and oil recovery from the Jasmine field and celebrated 12 years without a lost time incident and over 500 liftings of oil to export tankers without an environmental incident.”

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