Yinson Production, PTSC Cheer FSO’s First Oil at Southeast Asian Project

October 23, 2026 · 8 hours ago

Yinson Production and PTSC have achieved first oil ahead of schedule at a floating storage and offloading (FSO) vessel deployed offshore Vietnam.

Singapore’s Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson, and PetroVietnam Technical Services Corporation (PTSC) have revealed a major operational milestone for a new dual-fuel floating storage and offloading unit, with first oil coming online at a field off the coast of Vietnam sooner than its expected fourth-quarter timeline.

The FSO PTSC Lac Da Vang (FSO PTSC LDV) has reached its first oil operational milestone at the Lac Da Vang field in Block 15-1/05 offshore Vietnam on September 27, 2026, ahead of the previously communicated Q4 2026 schedule. The FSO features a storage capacity of 460,000 barrels and is designed to enhance operational efficiency while supporting sustainable offshore oilfield operations.

Yinson Production emphasizes that this achievement represents a major milestone for the dual-fuel-powered newbuild FSO and the Lac Da Vang field, following provisional acceptance on September 20, 2026, which marked the start of the firm charter period.

The FSO PTSC LDV is chartered to Murphy Cuu Long Bac Oil, a wholly owned subsidiary of Murphy Oil Corporation, under a ten-year firm contract with extension options of up to five additional years.

The field's development is expected to ramp up through 2028 as additional wells are brought online, providing a vital new source of production to support Vietnam’s growing energy sector.

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.