Latest news with #PQPOC
Yahoo
29-07-2025
- Business
- Yahoo
Vietnam Block B gas project advances with FSO contract
PTSC South East Asia (PTSC SEA), a joint venture (JV) between PetroVietnam Technical Services Corporation (PTSC) and Yinson Production, has signed a lease and operate contract for a new floating storage and offloading (FSO) unit, set to bolster the Vietnam Block B gas project offshore. The contract, awarded by the Phu Quoc Petroleum Operating Company (PQPOC), is seen as a critical step for Vietnam's energy sector, enhancing the country's infrastructure. PQPOC, established by Vietnam National Industry – Energy Group (Petrovietnam), is responsible for the operation of the Vietnam Block B gas project, which includes Blocks B&48/95 and 52/97 in the south-west offshore region of Vietnam. The project, with an annual supply of 5.07 billion standard cubic metres of gas, aims to meet the growing energy needs of the south-west part of the country and provide economic benefits to the government, Petrovietnam and investors. Integral to the project's infrastructure, the new FSO will have a storage capacity of up to 350,000 barrels of condensate and is designed to be stationed for 25 years without the need for dry-docking. The turret-moored, double-hull FSO will be installed at a water depth of 80m. The firm period of the contract spans 14 years, with a potential extension of nine more years, bringing the total value to approximately $600m (VND15.72trn). The Vietnam Block B gas project's FSO is expected to achieve first condensate by the third quarter of 2027. Yinson CEO Flemming Guiducci Grønnegaard said: 'This contract reflects our strong partnership with PTSC and our long-standing commitment to Vietnam's offshore energy sector. 'The Block B FSO builds on our successful track record in the region and highlights our ability to deliver high-quality offshore assets that meet the specific needs of our clients. We are proud to support Vietnam's efforts to enhance energy security and are confident that this project will deliver long-term value for all stakeholders.' This new deal follows a previous award in November last year to PTSC AP, another JV between Yinson Production and PTSC, for the provision, charter, operation and maintenance of an FSO for Murphy Oil's Lac Da Vang project. Earlier this year, Yinson Production Offshore Holdings, a newly formed UK-based holding company of Yinson Production, signed a definitive agreement with a group of international investment firms. This agreement involves the issuance of $1bn ($749.89bn) in redeemable convertible preferred shares, along with 10% warrants, based on a post-money valuation of $3.7bn. "Vietnam Block B gas project advances with FSO contract" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
29-07-2025
- Business
- The Star
Yinson Holdings bags Vietnam FPSO charter contract
PETALING JAYA: Yinson Holdings Bhd 's joint venture PTSC South East Asia Pte Ltd (PTSC SEA) has secured a long-term charter contract worth an estimated US$600mil (RM2.54bil) to provide, operate and maintain a floating production, storage and offloading (FPSO) vessel for the Block B gas field development offshore Vietnam. In a Bursa Malaysia filing, Yinson said PTSC SEA – its 49:51 joint venture with PetroVietnam Technical Services Corp – signed a 14-year firm charter, with an option to extend for up to nine more years, with Phu Quoc Petroleum Operating Company (PQPOC) yesterday. 'The total contract value, including the possible extension period, is estimated to be in the region of US$600mil,' it noted. Yinson said PQPOC was established and nominated by Vietnam's state oil and gas group, Petrovietnam, to undertake its rights and obligations as the operator of Blocks B&48/95 and 52/97, and the area of joint development within those blocks. These are collectively referred to as the Vietnam Block B gas project, the company added. Trading ideas: Yinson, Zetrix AI, Ekovest, Insas, BFood, Ireaka, TechStore, Smile-Link, KAB, FSMB, MMC Port, Eco-Shop, Alpha IVF
