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.
The Lac Da Vang field contains an estimated ultimate recovery of 100 million barrels of oil equivalent (boe) gross resources, with a peak gross production of 30 to 40 million boepd and 10–15 million boepd net peak production.
Flemming Guiducci Grønnegaard, Chief Executive Officer of Yinson Production, commented: "Achieving first oil for FSO PTSC LDV is a proud moment for Yinson Production and a major operational milestone for the Lac Da Vang field.
“This achievement reflects the strong collaboration, technical excellence, and shared commitment to safety among Yinson Production, our joint venture partner PTSC, and our client, Murphy Oil Corporation. We look forward to delivering safe, reliable, and successful operations alongside our partners for years to come.”
With a current fleet of 11 vessels, Yinson Production has an orderbook of approximately $19 billion until 2050 and global presence in 12 countries.