Petrofac secures late life asset management renewal in Gulf of Thailand

Petrofac, a leading provider of services to the global energy industry, has been awarded a five-year extension for the provision of operations and maintenance (O&M) services on the FPF-003 floating production, storage and offloading (FPSO) vessel, located in the Jasmine field in the Gulf of Thailand, from Busrakham Jasmine Ltd, which is an affiliate of Valeura Energy Inc.

This contract extends Petrofac’s position as Service Operator of the mature asset, a role it has held since 2011.

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.

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.”