Yinson Production Holds Steel-Cutting Ceremony for FSO Unit Bound for Vietnam

Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson Holdings, recently celebrated a significant milestone with the steel-cutting ceremony for a floating storage and offloading (FSO) unit destined for the Lac Da Vang oil field offshore Vietnam.

The ceremony, which took place on February 22, 2025, at Nantong Strongwind Shipyard in Tongzhou Bay, China, marked a crucial step towards enhancing Vietnam’s energy security, according to Yinson.

Key stakeholders from PTSC Asia Pacific, Murphy Cuu Long Bac Oil Company, Nantong Municipal Government, Titan Wind Offshore, and ABS were present at the event.

The FSO unit, designed for low-carbon operations and capable of storing up to 500,000 barrels, is scheduled to commence operations by Q4 2026. The project, constructed by OceanSTAR Elite Group, incorporates state-of-the-art technologies to optimize energy circulation and reduce operational costs.

In December 2024, a contract for the provision, charter, operation, and maintenance of the FSO was awarded to PTSC Asia Pacific, a joint venture between Yinson Production and PetroVietnam Technical Services Corporation (PTSC).

Murphy Oil operates Block 15-1/05 in the Cuu Long Basin with a 40% working interest, while partners PetroVietnam Exploration Production and SK Earthon hold the remaining 35% and 25%, respectively.

The Lac Da Vang field is estimated to have 100 million barrels of oil equivalent (mmboe) gross resources, with peak gross production forecasted at 30 to 40 mboepd and net peak production at 10–15 mboepd.

Delivery of the FSO is anticipated to align with Murphy’s first oil timeline for 2026, with development phases extending through 2029.

In a recent discovery at the Hai Su Vang field in the Cuu Long Basin, Murphy encountered around 112 meters of net oil pay in two reservoirs through the Hai Su Vang-1X exploration well.