Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson Holdings, and partners have held a steel-cutting ceremony for a floating storage and offloading (FSO) unit destined for an oil field offshore Vietnam.
The event for the unit to be deployed at the Lac Da Vang oil field in Vietnam was held on February 22, 2025, at Nantong Strongwind Shipyard in Tongzhou Bay, China. According to Yinson, it marked a milestone set to contribute to Vietnam’s energy security.
The ceremony was attended by key stakeholders, including representatives from PTSC Asia Pacific, Murphy Cuu Long Bac Oil Company, Nantong Municipal Government, Titan Wind Offshore, and ABS.
As stated by Yinson, the FSO, which is designed for low-carbon operations and can hold up to 500,000 barrels, is expected to become operational by Q4 2026. The builder, OceanSTAR Elite Group , says the project integrates cutting-edge technologies, using platform-associated gas and optimizing energy circulation to reduce operational costs.
A contract for the provision, charter, operation, and maintenance of the FSO was handed out to PTSC Asia Pacific, which is a joint venture between Yinson Production and PetroVietnam Technical Services Corporation (PTSC), in December 2024 .
Murphy Oil is the operator of Block 15-1/05 of the Cuu Long Basin with a 40% working interest, while its partners, PetroVietnam Exploration Production and SK Earthon, hold the remaining 35% and 25%, respectively.
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.
The estimated date for FSO delivery coincides with Murphy’s timeline for the first oil, planned for 2026, with development phased through 2029.
Last month, Murphy struck oil in the Hai Su Vang field, also situated in the Cuu Long Basin. Thanks to the Hai Su Vang-1X exploration well, around 112 meters, of net oil pay was found in two reservoirs.