31 October 2016
Petrofac extends relationship with Mubadala Petroleum in Thailand
Petrofac has extended its relationship with Mubadala Petroleum with the award of new and modified contracts relating to the FPF-003 floating production, storage and offloading vessel located in the 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 optimised 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 (BBC) has been signed between Mubadala and PetroFirst Infrastructure Limited .
Manivannan Rajapathy, Managing Director of Petrofac Engineering & Production Services East, said: “We are delighted to be continuing our long-held relationship with Mubadala Petroleum and to be maintaining continuity of our O&M service delivery on the FPF-003. Through our existing relationship our teams have remained focused in supporting safe and effective production and earlier this year celebrated six years without a lost time incident.
“Our continued focus on safe delivery in line with driving differentiated and optimised approaches will characterise this next stage of our relationship as we work to support Mubadala Petroleum to maximise the value and oil recovery of the Jasmine field.”
Musabbeh Al Kaabi, CEO of Mubadala Petroleum, 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 maximize value and oil recovery.”