Head of agreement signed between Lam Son JOC & PTSC for the provision of fpso for the development of Thang Long – Dong Do field

abarrelfullabarrelfull wrote on 11 Jun 2014 06:30

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On the 4th March 2011, PetroVietnam Technical Services Corporation (PTSC) and Lam Son JOC (LSJOC) has endorsed the Head of Agreement (HOA) for the provision of FPSO chartering for the development of Thang Long – Dong Do field, offshore Vietnam.

The ceremony has received many attendances of leaders from PetroVietnam: Mr. Nguyen Xuan Thang – Member of Board of Management, Mr. Do Van Hau – First Deputy General Director, Mr. Nguyen Sinh Khang – Deputy General Director, together with representatives from Petronas Vietnam, PVEP, Lam Son JOC, PTSC and other representatives of oil companies, partners, clients.

At the ceremony, besides the HOA, LSJOC has officially delivered Request for Proposal (RFP) of the project for PTSC.

According to the HOA, PTSC and LSJOC commit to general terms & conditions for one contract for the provision of the Floating Production Storage Offloading vessel (FPSO) for LSJOC for the defined period of 07 years with extension of 03 years. Total contract value is estimated to reach 500M USD. PTSC shall perform the operation the FPSO during 7 years plus 3 years extension, participate in manufacturing/conversion as well as installation/commissioning of the vessel. The vessel shall receive first oil at year end of 2013 tentatively.

In order to be chartered to LSJOC, the FPSO shall be designed with minimum capacity of 350,000 barrels, production capability of 18,000 barrels/per day and non-docking more than 10 years at field. The crude oil production , purify technology is highly-complicated including boiler, turbine generator, air/compressed air/water/gas reservoir pressure filter/separator, and 07 risers, etc.

When completed, this vessel shall be one among the highest-technology FPSO in Vietnam and over the world. It would make PTSC’s fleet of FPSO/FSO, which operated and managed by PTSC, into 6 ones.Speaking at the ceremony, Mr. Nguyen Hung Dung – General Director of PTSC has expressed grateful to the attention and instruction of PVN, the kind support of Petronas Carigali Vietnam, PVEP, and the strong cooperation of Lam Son JOC in the whole project of development of Thang Long & Dong Do field. It is the consequential significant success of PTSC in securing the Contracts for FSO/FPSO after the first on providing FSO for Bien Dong POC for the development of Hai Thach – Moc Tinh field. This contract has again reconfirmed the reputation and capability of PTSC in executing its development strategy. Mr Dung also emphasized “The FPSO project serving the development of Thang Long – Dong Do field encompasses many challenges, complex high-tech requirements. However, with our proven track record in FPSO field and experienced manpower, PTSC shall devote itself to the project success, ensuring the schedule, quality and competitive price.

Lam Son JOC, one of the key client of PTSC, is a Joint Operating company established by Petronas Carigali Overseas Sdn. Bhd. of Malaysia (50%) and PetroVietnam Exploration Production Corporation (PVEP) of Vietnam (50%). Currently LSJOC is conducting exploration and production activities in Block 01/97 & 02/97 Offshore Vietnam. This area is north-eastern of Cuu Long Basin, 169 km eastern from Vung Tau, 26 km from Ruby field, 30 km from Topaz field and 20 km from Rang Dong field. The field is developed with 02 separated well-head platform (WHP), underground systems and utilizing one FPSO.

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