Salamander Resumes Production at Bualuang Oil Field in the Gulf of Thailand
by Salamander Energy plc
|Friday, February 14, 2014
Salamander Energy announced Thuesday that, further to the update Jan. 27, the damaged risers have now been repaired and production from the Bualuang field in the B8/38 concession in the Gulf of Thailand has recommenced.
The Company has also reached agreement for a new, two year sales contract for Bualuang crude. The agreed pricing is set at a small discount to Dubai benchmark and reflects an improved price relative to the previous agreement. The new price will be backdated to Jan. 1.
The Bualuang oil field is the Group’s flagship production asset and has been on-stream since 2008. When Salamander took over the development of the field it was thought to contain around 14 million barrels of 2P reserves and have a productive life of approximately five years. However, the field has undergone six reserve upgrades and it is now expected to ultimately recover around 60 million barrels of oil and be producing well into the next decade.
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