Yinson and PTSC to develop FSO for the Lac Da Vang project

December 02, 2024 | 16:53

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PTSC Asia-Pacific, a joint venture between Malaysia's Yinson Production and PetroVietnam Technical Services Corporation (PTSC), signed a contract with Murphy Oil Corporation on December 1 for the provision, charter, operation, and maintenance of the floating storage and offloading (FSO) vessel for the Lac Da Vang project.

Yinson and PTSC to develop FSO for the Lac Da Vang project

The contract has a firm period of 10 years with the option to extend up to five years, and a total value of up to approximately $416 million.

The FSO will be a new-build, double-hull vessel with storage capacity of around 500,000 barrels and advanced dual-fuel systems for optimised efficiency. The design of the FSO emphasises safety, operational excellence, and low-carbon emissions, aligning with Yinson Production’s sustainability goals. Following a construction period of approximately two years, the FSO is expected to start operations in the offshore Lac Da Vang field in the fourth quarter of 2026.

The project further strengthens Yinson Production’s position as a top independent owner and operator of offshore assets, marking another milestone in Yinson Production’s long-standing relationship with PTSC. Through PTSC AP 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.

Commenting on the contract, Flemming Grønnegaard, CEO of Yinson Production, said, "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."

Murphy Oil Corporation subsidiary signs contract for Lac Da Vang oil field development

Murphy Cuu Long Bac Oil Co, Ltd. (MCB), a subsidiary of the US-based Murphy Oil Corporation (Murphy), signed a contract with PTSC Mechanical & Construction on May 31 to develop the Lac Da Vang oil field.

First steel cut for Murphy's Lac Da Vang oil platform in Vung Tau

Murphy Cuu Long Bac Oil Co, Ltd. (MCB) and PTSC Mechanical & Construction (PTSC M&C) held the first-cut ceremony for the fabrication of the Lac Da Vang – A Platform at PTSC M&C’s Fabrication Yard in Vung Tau on October 16.

By Thanh Van

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