Singapore’s OceanSTAR Elite Hits Milestones in FSO Development for Vietnam Offshore Projects
Singapore-headquartered OceanSTAR Elite has achieved significant milestones in the development of floating storage and offloading (FSO) units for offshore projects in Vietnam. These milestones mark progress in the construction of FSO units for the Lac da Vang (LDV) project in the Cuu Long Basin and the Block B development.
Lac Da Vang (LDV) Project
On July 11, a keel-laying ceremony was held at Nantong Strongwind Shipyard in Tongzhou Bay, China for the FSO unit destined for the Lac da Vang project. With a capacity of 460,000 barrels, this project is now halfway through construction and is scheduled for delivery in mid-2026.
The FSO contract for the Lac da Vang project was awarded to PTSC Asia Pacific, a joint venture between Yinson Production and PetroVietnam Technical Services Corporation (PTSC) in December 2024. Murphy Oil, PetroVietnam Exploration Production, and SK Earthon are partners in the Block 15-1/05 project, holding interests in the Lac da Vang field.
The Lac Da Vang field has an estimated ultimate recovery of 100 million barrels of oil equivalent (mmboe) gross resources, with peak gross production of 30 to 40 mboepd and 10–15 mboepd net peak production.
Block B Development
On July 29, OceanSTAR announced winning an EPCC contract for an FSO intended for the Block B development offshore Vietnam. This FSO will be part of the gas field development led by PetroVietnam’s subsidiary, Phu Quoc Petroleum Operating Company (PQPOC).
As the EPCC contractor, OceanSTAR will oversee the engineering design, equipment and material procurement, and construction for the Block B FSO. The project will be executed by another joint venture between Yinson and PTSC, PTSC South East Asia (PTSC SEA).
The turret-moored FSO at Block B will be installed at a water depth of approximately 80 meters and will have a storage capacity of 350,000 barrels of condensate. Designed for 25 years of continuous service without drydocking, the unit is expected to achieve first condensate in Q3 2027.