Oilfield services provider Petrofac has been awarded a long-term extension for the provision of operations and maintenance (O&M) services on a floating production, storage, and offloading (FPSO) vessel, which is carrying out operations at an oil field offshore Thailand.
This five-year contract with Busrakham Jasmine, an affiliate of Valeura Energy, extends Petrofac’s position as service operator of the FPSO FPF – 003 , the former FPSO Jasmine Venture MV7 . The company has held this role since 2011. The FPSO FPF – 003 is working on the Jasmine field in the Gulf of Thailand.
According to Petrofac, it has extended expected asset life “far beyond expectations” – from 2016 to 2028 – throughout its tenure, 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.
Nick Shorten , Chief Operating Officer of Petrofac’s Asset Solutions business, commented: “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 maximise 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.”
The processed oil from the Jasmine field is stored at the FPSO FPF-003 and offloaded to shuttle tankers for sale into the domestic Thai market. This field produces light, sweet crude oil. Valeura Energy recently extended the charter for the FPSO for five more years until the end of 2028.