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A joint venture between Malaysian company Misc and PetroVietnam Technical Services Corporation (PTSC) has been awarded a time charter contract for a floating storage and offloading vessel in Vietnam.
The contract from Japan’s Idemitsu Kosan will see the Malaysia Vietnam Offshore Terminal (MVOT) joint venture carry out the engineering, procurement, construction, installation, commissioning, lease and operations of the FSO.
Upon its conversion, the FSO will be deployed at the Sao Vang and Dai Nguyet development project in blocks 05-1b and 05-1c, with the seven-year charter expected to commence by mid-2020 and is valued at roughly $176 million.
Monday’s announcement confirmed an earlier report by Upstream the Misc and PTSC joint venture had been awarded the contract at the start of October.
The FSO will be a converted tanker with an external turret and storage capacity of a minimum 350,000 barrels of condensate.
Other elements of the Sao Vang and Dai Nguyet project include a central processing platform, being built in Vung Tau by PTSC Mechanical & Construction, and flowline connections to the existing Nam Con Son II pipeline.
Idemitsu Kosan has a 35% operating interest in blocks 05-1b and 05-1c in the Nam Con Son basin with JX Nippon Oil Exploration on 35% and Inpex subsidiary Teikoku Oil on 30%.
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