Yinson Production extracted the first oil from the Floating Storage and Offloading (FSO) unit PTSC Lac Da Vang in the Lac Da Vang field located in Block 15-1/05 off the coast of Vietnam. This event took place on September 27, 2026, ahead of the planned schedule for the fourth quarter of 2026.
Details of the FSO PTSC Lac Da Vang Unit
The FSO PTSC Lac Da Vang unit has a storage capacity of 460,000 barrels of oil and is designed to enhance operational efficiency and support sustainable operations in offshore oil fields. Yinson Production has stated that this achievement is a significant milestone for this dual-fuel unit and the Lac Da Vang field.
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Contract and Field Development
The FSO PTSC Lac Da Vang unit is under a lease agreement with Murphy Cuu Long Bac Oil, which is wholly owned by Murphy Oil Corporation, for a duration of 10 years with options to extend for another 5 years. The development of the Lac Da Vang field is expected to increase by 2028 with the commissioning of additional wells, providing a new source of production to support Vietnam's growing energy sector.
Murphy Oil is the operator of Block 15-1/05 in the Cuu Long basin, holding 40% of the operating rights. Its partners, PetroVietnam Exploration Production and SK Earthon, hold 35% and 25% of the operating rights, respectively.
Estimates indicate that the Lac Da Vang field contains 100 million barrels of equivalent oil as raw resources, with peak gross production estimated between 30 to 40 million barrels per day and net production between 10 to 15 million barrels per day.
Fleming Guiducci Grongaard, CEO of Yinson Production, described this success as a proud moment for Yinson Production and an operational milestone for the Lac Da Vang field. The company operates 11 vessels in its fleet and has an order book worth approximately $19 billion until 2050, operating in 12 countries worldwide.
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