Yinson joint venture reaches first oil early at Vietnam field
FSO PTSC LDV began its firm charter period following provisional acceptance on Sept 20, with a 10-year contract and extension options.
Yinson Holdings Bhd said its venture with PetroVietnam Technical Services Corp (PTSC) reached first oil at Vietnam’s Lac Da Vang field on Sept 27, 2026, earlier than the fourth-quarter target.
According to Yinson’s bourse filing, the milestone involved FSO PTSC LDV, a newly constructed floating storage and offloading vessel powered by dual fuels. The field lies offshore Vietnam in Block 15-1/05.
Provisional acceptance of the vessel on Sept 20 started the firm charter period. Its charterer, Murphy Cuu Long Bac Oil Co Ltd, is wholly owned by US-based Murphy Oil Corp. The 10-year charter includes extension options covering up to another five years.
Yinson expects the field’s production to rise through 2028 as additional production wells begin operating. The group put its order book at about US$19 billion (RM82.1 billion), with coverage extending through 2050.
Yinson shares ended at RM2.10, down one sen or 0.47%, valuing the group at RM6.8 billion.
