(Alliance News) - Valeura Energy Inc on Thursday said it has extended two key contracts relating to the Jasmine oil field in Thailand.
Valeura is a Canada-based company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Turkey.
The Jasmine oil field is located in the northern portion of the Pattani basin of the Gulf of Thailand, in 60 metres of water.
Valeura said on Thursday that it has extended its charter of the field's floating production storage and offloading vessel, as well as a contract for the provision of operating and maintenance services, by five years until the end of 2028.
The company is in the process of conducting USD9 million in capital projects to refurbish the charter. It said spending was in line with expectations.
"As we continue to see the potential for further production from the Jasmine oil field we have prioritised the maintenance of our infrastructure as a key aspect to ensuring the ongoing safe delivery of value," said Chief Executive Officer Sean Guest.
"These contract extensions pave the way for Valeura to pursue further field extensions and infill drilling in the years to come as we continually seek to extend the economic life of the asset."
By Holly Beveridge, Alliance News reporter
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