Yinson and PetroVietnam JV Get FSO Contract for Vietnamese Field
December 2, 2024
PTSC Asia Pacific, a joint venture between Yinson Production and PetroVietnam Technical Services Corporation (PTSC), has secured a contract for the provision, charter, operation and maintenance of the floating storage and offloading (FSO) vessel for the Lac Da Vang project offshore Vietnam.
PTSC Asia Pacific executed the contract with Murphy Cuu Long Bac Oil, a wholly owned subsidiary of Murphy Oil Corporation.
The FSO will be a newbuild double-hull vessel with storage capacity around 500,000 barrels and advanced dual-fuel systems for optimized efficiency.
Following a construction period of approximately two years, the FSO is expected to start operations in the Lac Da Vang field located in Block 15-1/05 offshore Vietnam in the fourth quarter of 2026.
The project further strengthens Yinson Production’s position as a leading independent owner and operator of offshore asset and marks another milestone in Yinson Production’s long-standing relationship with PTSC.
Through PTSC Asia Pacific and another joint venture, Yinson Production and PTSC have successfully been operating offshore assets in Vietnam for over a decade with the FSO PTSC Bien Dong 01 operating since 2013 and the FPSO PTSC Lam Son operating since 2014.
“This new project underscores Yinson Production’s commitment to delivering energy solutions that meet the evolving needs of our clients and the industry. The Lac Da Vang FSO project is a testimony to the strength of our partnership with PTSC and our shared vision for operational excellence. We are proud to play a pivotal role in supporting Vietnam’s energy security,” said Flemming Grønnegaard, Chief Executive Officer of Yinson Production.
