PTSC to supply floating storage for Sao Vang - Dai Nguyet gas project
PetroVietnam Technical Services Corporation (PTSC) will be the supplier of a floating storage and offloading (FSO) system to the project of developing the Sao Vang-Dai Nguyet gas fields, which is invested by Japanese firm Idemisu Kosan.
Hanoi (VNA) - PetroVietnam TechnicalServices Corporation (PTSC) will be the supplier of a floating storage and offloading (FSO) system to the project of developing the Sao Vang-DaiNguyet gas fields, which is invested by Japanese firm Idemisu Kosan.
The Malaysia-Vietnam Offshore Terminal Ltd (MVOT) isa joint venture between PetroVietnam Technical Services Corp and Malaysia’sMIBS Bhd. It has won a 176 million contract to provide equipment for IdemitsuKosan to develop the Sao Vang-Dai Nguyet gas project.
The PTSC was picked as a sub-contractor to provide equipmentfor the projects.
Thecontract of FSO supply and rental contractwill last seven years with a total value of 176 million USD.
ThePTSC said that the FSO will be completed and ready to receive the firstcondensate flows in July 2020.
Afterbeing transformed from a tanker, the FSO has acapacity to store 700,000 barrels of condensate, double Idemitsu Kosan’sminimum storage requirement of 350,000 barrels.
The FSO is designed to house 55 technical and operationalpersonnel and a helicopter pad with the latest UK CAP 437 standard, capable ofreceiving Airbus H-225 or equivalent.
The contract can be extended for another eightyears.
Joining the project of FSO conversion, the PTSC has sent a team of experts toMalaysia to carry out all stages of design, procurement, manufacture,installation and commission.
At the operational stage, the PTSC expects to represent the MVOT to be responsible for 100 percent of the workload.
PTSCGeneral Director Le Manh Cuong said along with the FSO, his company will alsoparticipate in the entire development project of SaoVang-Dai Nguyet fields.
The Sao Vang-Dai Nguyet gas fields are located in Blocks05-1b and 05-1c, about 350km southeast of Vietnam’s coast. Idemitsu Kosan isthe operator of the offshore development with an ownership of 43.08 percent.
Estimated output of the gas fields is about 1.5billion cubic metres of gas per year and 2.8 million barrels of crude oil andcondensate per year.
Late in August this year, PetroVietnam signed agas sale-purchase agreement with the developers of the field.-VNA.
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The Malaysia Vietnam Offshore Terminal Ltd. (MVOT), a joint venture between PetroVietnam Technical Services Corp and Malaysia’s MIBS Bhd, has won a 176 million contract to provide equipment for Idemitsu Kosan to develop the Sao Vang-Dai Nguyet gas project.
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Illustrative image (Source: VNA) 
