Singapore-based upstream oil and gas firm, KrisEnergy has suspended the production at its Wassana oil field in the Gulf of Thailand in view of the many uncertainties.

The uncertainties cited by the company include speed of the duration of the COVID-19 pandemic, global economic regeneration and recovery in petroleum demand, and the magnitude and sustainability of any upturn in oil prices.

The firm has commenced the oil production from the first development well in the Wassana field in the G10/48 concession in the Gulf of Thailand in August 2015.

The oil field infrastructure consists of mobile offshore production unit (MOPU) and a floating storage and offloading (FSO) vessel.

Gross production at Wassana oil field averaged 3,605 bopd

KrisEnergy said: “Agreements with respect to the FSO have been terminated. The Company is in discussions regarding the warm-stacking of the MOPU with a skeleton crew and supported from the Songkhla shorebase.”

In the first quarter of the year, the gross production at Wassana oil field averaged 3,605 barrels of oil per day (bopd) and KrisEnergy’s working interest production was 3,208 bopd.

The firm owns an effective 89% working stake in the G10/48 concession while Palang Sophon Offshore holds the remaining 11% working interest.

It is also planning to reduce its workforce in Thailand by about 25% due to the suspension of production at the Wassana oil field.

Furthermore, the operations at the remaining producing assets that include the B8/32 oil and gas fields in the Gulf of Thailand and the Bangora gas field in Block 9, onshore Bangladesh will continue as usual, the company said.