Petrofac extends relationship with Mubadala Petroleum in Thailand

LONDON -- Petrofac has extended its relationship with Mubadala Petroleum with the award of new and modified contracts relating to the FPF-003 FPSO vessel in Jasmine/Ban Yen field in the Gulf of Thailand.

The parties have signed a new life-of-field agreement for the provision of operations and maintenance (O&M) services, which has the potential to run until 2023. Under the contract terms, Petrofac will deliver an optimized scope designed to reduce Jasmine’s operating costs and to create operational efficiencies, which will underpin the viability of the mature field development.

An extension to the associated charter lease for the vessel’s Bareboat Charter has been signed between Mubadala and PetroFirst Infrastructure Limited.

Manivannan Rajapathy, managing director, Petrofac Engineering & Production Services East, said, “Our continued focus on safe delivery in line with driving differentiated and optimized approaches will characterize this next stage of our relationship as we work to support Mubadala Petroleum to maximize the value and oil recovery of the Jasmine field.”

Musabbeh Al Kaabi, CEO of Mubadala Petroleum, said, “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 MMbbl, 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.”