Yinson Launches Floating Storage Unit for Vietnam Oil Field
Yinson Production, a subsidiary of Yinson Holdings based in Kuala Lumpur, has successfully launched a floating storage and offloading (FSO) unit intended for the Lac Da Vang oil field off the coast of Vietnam. The launch, which took place at Nantong Strongwind Shipyard in China on February 6, 2026, marks a significant milestone in the project, transitioning it into the delivery phase. This achievement follows nearly a year of construction, including a steel-cutting ceremony and keel laying.
Collaboration Fuels Project Progress
The launch ceremony was attended by key stakeholders, including representatives from Murphy Cuu Long BacOil, PTSC Asia Pacific, ABS, and Titan Wind Offshore, highlighting the strong collaboration that has driven the project forward. The FSO unit, named LDV FSO, is set to be deployed at the Lac Da Vang oil field located in Block 15-1/05 offshore Vietnam. The project is a joint venture between Yinson Production and PetroVietnam Technical Services Corporation (PTSC), which was awarded the contract for the FSO’s provision, charter, operation, and maintenance in December 2024.
OceanSTAR Elite Group, the Singapore-based builder of the FSO, expressed gratitude for the teamwork among all partners, emphasizing that the project is currently ahead of schedule. The LDV FSO boasts a storage capacity of 460,000 barrels and is designed to enhance operational efficiency while supporting sustainable offshore oilfield operations. The project team has achieved an impressive safety milestone, recording zero lost time injuries (0 LTI) over 1.2 million man-hours, underscoring their commitment to safety and operational excellence.
Future Production and Resource Estimates
The Lac Da Vang field is estimated to contain 100 million barrels of oil equivalent (mmboe) in gross resources, with projected peak gross production rates of 30 to 40 thousand barrels of oil equivalent per day (mboepd) and net peak production rates of 10 to 15 mboepd. Murphy Oil operates Block 15-1/05 in the Cuu Long Basin, holding a 40% working interest, while its partners, PetroVietnam Exploration Production and SK Earthon, hold 35% and 25%, respectively. The FSO is scheduled for delivery in mid-2026, marking a significant step in the development of Vietnam’s offshore oil resources.
