Petrofac has secured a contract extension for the operations and maintenance (O&M) services on the FPF-003 floating production, storage and offloading (FPSO) vessel deployed at the Jasmine field located within the 1,931km² block B5/27, in the Gulf of Thailand.

The five-year contract has been renewed by Busrakham Jasmine, an affiliate of Valeura Energy.

Valeura also extended a charter contract for the FPF-003 FPSO vessel, for a period of five years until the end of 2028.

In a press statement, Petrofac said: “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.”

The vessel has a 20,000bpd oil processing capacity, a total storage capacity of 800,000 barrels, a gas production capacity of eight million cubic feet a day, and a 30,000bpd water production capacity.

Valeura president and CEO Sean Guest said: “As we continue to see the potential for further production from the Jasmine oilfield we have prioritised the maintenance of our infrastructure as a key aspect to ensuring the ongoing safe delivery of value. 

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“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.”

Valeura is investing $9m to refurbish the FPSO to ensure its continued reliability and extend the class certification of the vessel.