Mubadala Petroleum has signed agreement with Petrofac to modify and extend contracts related to the FPF-003 floating production, storage and offloading vessel in the Jasmine field in the Gulf of Thailand.
Jasmine field is operated by Mubadala Petroleum, which holds a 100% interest.
The average of oil production this year is approximately 13,000bpd.
The companies have signed a new ‘life of field’ agreement for the operations and maintenance (O&M) services, which could run until 2023.
Mubadala and PetroFirst Infrastructure Limited have signed for an extension to the related charter lease for the vessel’s Bareboat Charter (BBC).
The new arrangements will bring operational efficiency and optimise the scope to reflect current market conditions, and will lead to significant reduction in operating costs for Jasmine, helping the continuing commercial viability of this field even in the current oil price environment.
Furthermore, the arrangements offer continuity in both offshore facilities and personnel, underpinning the field’s record of safe, reliable and efficient operations.
The new contracts put in place arrangements that run potentially until end in 2023, with a six-month termination option offering flexibility.
Mubadala Petroleum CEO Musabbeh Al Kaabi said, “We are pleased to be able to continue our relationship with Petrofac on the Jasmine field. The new arrangements will support the ongoing commerciality of the field, as well as providing important continuity in this mature operation.
“Jasmine has been a remarkable success story, having produced over 60 million barrels, several times more than original estimates of recoverable reserves.
"We believe there is more to come but it is a complex set of reservoirs and a mature asset, so a competitive and flexible approach to operations is vital. Mubadala Petroleum will continue implementing and pursuing best in class practices to maximise value and oil recovery.”