PTSC Asia Pacific, a joint venture between Yinson Production and PetroVietnam Technical Services Corporation (PTSC), has signed a contract for the provision, charter, operation, and maintenance of an FSO vessel for the Lac Da Vang project with Murphy Oil.
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 $416m.
The FSO will be a newbuild double-hull vessel with a storage capacity of around 500,000 barrels and dual-fuel systems. 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 new JV is 49% owned by Yinson Production while the rest is owned by PTSC. This, however, is not the first joint venture between the two and the companies have been operating offshore assets in Vietnam for over a decade. The FSO PTSC Bien Dong 01 has been in operation since 2013 while the FPSO PTSC Lam Son has been operating since 2014.
Construction has already started on the platform for the Lac Da Vang field development. First oil is targeted for 2026 while continued development will go through 2029. The estimated recoverable resource is 100mboe.
Yinson Productions has a fleet of nine vessels and an orderbook of approximately $22bn until 2048.
