Canada-based oil and gas company Valeura Energy has extended two contracts related to an oil field offshore Thailand. This will enable a floating production, storage, and offloading vessel (FPSO), which is currently working on the field, to continue carrying out operations for five more years.
Valeura Energy revealed on Thursday, 1 June 2023, that it had extended the charter for the leased FPSO Jasmine Venture MV7 and a contract for the provision of operating and maintenance services for the vessel for five years until the end of 2028. This FPSO is deployed at the Jasmine oil field in the Gulf of Thailand, which the Canadian player recently acquired from Mubadala Petroleum’s subsidiary, Busrakham Oil and Gas.
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.