Abu Dhabi – Mubasher: Mubadala Petroleum, a unit of Mubadala Development Company, and Petrofac signed an agreement for the modification and extension of contracts related to Jasmine FPSO vessel in Thailand, according to a statement.
Both firms 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.
An extension to the associated charter lease for the vessel’s Bareboat Charter (BBC) was also signed between the parties
Jasmine have produced over 60 million barrels, several times more than original estimates of recoverable reserves, according to Musabbeh Al Kaabi, CEO of Mubadala Petroleum.
Mubadala Petroleum will continue implementing best practices to maximize value and oil recovery, Al Kaabi noted.
