Valeura Energy Inc. has extended two contracts related to its operated Jasmine oil field in the Gulf of Thailand.
The company has extended the charter of the field’s FPF-003 floating production storage and offloading vessel (FPSO) and let a 5-year contract extension for Petrofac to remain as operating and maintenance services provider for the vessel until end-2028.
The field’s expected asset life has been extended to 2028 from 2016, having now produced over 90 million bbl of crude oil, well over the 7 million bbl expected when development was sanctioned in 2004.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.