Yinson Production and PetroVietnam Technical Services Corporation (PTSC) have reached first oil ahead of schedule at their new floating storage and offloading vessel serving Vietnam’s Lac Da Vang field. Offshore Energy reported that the FSO PTSC Lac Da Vang achieved the milestone on 27 September 2026, bringing operations forward from the previously announced fourth-quarter timetable.
The dual-fuel newbuild, also known as FSO PTSC LDV, is deployed at Block 15-1/05 offshore Vietnam and can store 460,000 barrels. First oil followed provisional acceptance of the vessel on 20 September, which began the firm charter period. According to the report, the unit is designed to improve operational efficiency and support more sustainable offshore oilfield operations.
The vessel is chartered to Murphy Cuu Long Bac Oil, a wholly owned subsidiary of Murphy Oil Corporation. Its contract provides for a firm term of ten years, with options to extend the arrangement by up to another five years. Development of Lac Da Vang is expected to build up through 2028 as further wells enter service, adding production to Vietnam’s energy sector.
Murphy Oil operates Block 15-1/05 in the Cuu Long Basin with a 40% working interest. PetroVietnam Exploration Production holds 35%, while SK Earthon owns the remaining 25%. Offshore Energy put the field’s estimated ultimate recovery at 100 million barrels of oil equivalent in gross resources.
Yinson Production chief executive Flemming Guiducci Grønnegaard attributed the first-oil milestone to cooperation, technical capabilities and a common focus on safety among Yinson, its joint venture partner PTSC and client Murphy Oil. He said the company intended to maintain safe and reliable operations with its partners over the coming years. Singapore-based Yinson Production is part of Kuala Lumpur-based energy infrastructure and technology group Yinson. The report described its current fleet as comprising 11 vessels, with an orderbook of approximately $19 billion extending to 2050 and a presence in 12 countries.