Valeura Energy Inc. has extended two contracts related to its operated Jasmine oil field in the Gulf of Thailand.
The company has extended the charter of the field’s FPF-003 floating production storage and offloading vessel (FPSO) and let a 5-year contract extension for Petrofac to remain as operating and maintenance services provider for the vessel until end-2028.
The field’s expected asset life has been extended to 2028 from 2016, having now produced over 90 million bbl of crude oil, well over the 7 million bbl expected when development was sanctioned in 2004.
Valerua is investing $9 million to refurbish the FPSO, aimed at ensuring its ongoing reliability and extending the vessel’s class certification.
Jasmine field, in the northern portion of the Pattani basin of the Gulf of Thailand, lies in license B5/27 in 60 m of water. The license also contains Ban Yen field. The fields produce about 9,000 b/d of light sweet crude oil from several stacked channel sand reservoirs of Miocene age. Combined, the fields contain 10 million bbl of 2P oil reserves.
Valeura is operator of License B5/27 with 100% interest, having acquired this and other Thailand upstream oil producing assets from Mubadala Petroleum in 2022 (OGJ Online, Dec. 7, 2022).