[Vietnam] Sao Vang Dai Nguyet - FSO Golden Star

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escveritas
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[Vietnam] Sao Vang Dai Nguyet - FSO Golden Star

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The Sao Vang and Dai Nguyet field is located offshore Vietnam, 350km southeast of Ho Chi Minh City. This gas field was discovered through exploration under Production Sharing Contract, Blocks 05-1b and 05-1c signed with PetroVietnam in 2004.

After the Vietnamese government approved the Field Development Plan of this gas field in 2017, this project is currently under construction of facilities aiming to commence producing gas and condensate in the third quarter of 2020.

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Participating Interest

Idemitsu Gas Production (Vietnam) Co.,Ltd. (operator) 43.08%
Teikoku Oil (Con Son) Co.,Ltd. 36.92%
Vietnam Oil and Gas Group (PetroVietnam) 20.00%
escveritas
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Re: [Vietnam] Sao Vang Dai Nguyet

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MVOT WINS A TIME CHARTER CONTRACT BY IDEMITSU KOSAN CO., LTD.
Kuala Lumpur, 29 October 2018, Monday

MISC Berhad (MISC), through its 51%-owned joint-venture with PetroVietnam Technical Services Corporation (PTSC) i.e. Malaysia Vietnam Offshore Terminal (L) Limited (MVOT) has been awarded a time charter contract by Idemitsu Kosan Co., Ltd. (IKC) for the provision of a Floating, Storage and
Offloading Vessel (FSO) in Vietnam. The contract represents the expansion of MISC’s footprint as a leading player in providing offshore solutions in the ASEAN region.

MISC has close to 10 years of experience in Vietnam’s offshore development in a joint venture partnership with PTSC and currently operates two floating assets, namely the FSO Orkid and a Floating Production, Storage and Offloading (FPSO) facility, FPSO Ruby II.

The contract was secured through an international competitive bidding process and marks MISC’s first venture with IKC. Under this contract, which is valued at approximately USD176 million, MVOT will be responsible for the engineering, procurement, construction, installation, commissioning, lease and operations of the FSO. Upon its conversion, the FSO will be deployed for the Sao Vang and Dai Nguyet Development Project in Blocks 05-1b and 05-1c, offshore Vietnam and it will be leased for a duration of seven (7) years. The contract and the charter is expected to commence by mid-2020.

MISC’s President / Group Chief Executive Officer, Mr. Yee Yang Chien said “We are honoured for the trust and opportunity given for us to work together with IKC in the development of Vietnam’s oil & gas industry. With our broad spectrum of energy related maritime solutions and services, be it in energy shipping or offshore solutions, MISC is confident of our ability to serve the various needs of the global oil and gas industry.”

PTSC, a company incorporated in Vietnam, is a member of Vietnam Oil and Gas Group and is primarily involved in the supply of technical services to the oil & gas industry in Vietnam.

IKC, a company incorporated in Japan, is engaged in petroleum refining and manufacture and sale of oil products, manufacture and sale of petrochemical products, and the exploration, development and extraction of petroleum, coal and geothermal resources.
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Re: [Vietnam] Sao Vang Dai Nguyet

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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.

The Malaysia-Vietnam Offshore Terminal Ltd (MVOT) is a joint venture between PetroVietnam Technical Services Corp and Malaysia’s MIBS Bhd. It has won a 176 million contract to provide equipment for Idemitsu Kosan to develop the Sao Vang-Dai Nguyet gas project.

The PTSC was picked as a sub-contractor to provide equipment for the projects.

The contract of FSO supply and rental contract will last seven years with a total value of US$176 million.

The PTSC said that the FSO will be completed and ready to receive the first condensate flows in July 2020.

After being transformed from a tanker, the FSO has a capacity to store 700,000 barrels of condensate, double Idemitsu Kosan’s minimum storage requirement of 350,000 barrels.

The FSO is designed to house 55 technical and operational personnel and a helicopter pad with the latest UK CAP 437 standard, capable of receiving Airbus H-225 or equivalent.

The contract can be extended for another eight years.

Joining the project of FSO conversion, the PTSC has sent a team of experts to Malaysia 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.

PTSC General Director Le Manh Cuong said along with the FSO, his company will also participate in the entire development project of Sao Vang-Dai Nguyet fields.

The Sao Vang-Dai Nguyet gas fields are located in Blocks 05-1b and 05-1c, about 350km southeast of Vietnam’s coast. Idemitsu Kosan is the operator of the offshore development with an ownership of 43.08%.

Estimated output of the gas fields is about 1.5 billion cubic metres of gas per year and 2.8 million barrels of crude oil and condensate per year.

Late in August this year, PetroVietnam signed a gas sale-purchase agreement with the developers of the field.
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Re: [Vietnam] Sao Vang Dai Nguyet

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Completion of Golden Star Turret Integration Amidst a Global Pandemic

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On 16 March 2020, Malaysia Marine and Heavy Engineering’s (MMHE) project teams have successfully and safely completed the integration of external turret to Floating, Storage and Offloading (FSO) Golden Star according to client’s schedule. This is a remarkable feat, as the COVID-19 pandemic has struck the country by storm and caused a nationwide lockdown which inevitably affected business operations.

Approximately a year after the project award on 22 March 2019, MMHE project teams completed the 10-month construction of the turret before it was handed over to our client, Promor Pte Ltd on 15 March 2020. The project teams received high recognition on the overall project management and construction from Promor Pte Ltd based on the customer feedback report.

This project is a part of Sao Vang & Nguyet Development Project. Upon scheduled completion of its conversion in June 2020, the FSO Golden Star will be located in offshore of Vietnam. It shall be stationed, without dry-docking, for a period of up to fifteen (15) years with a design life of at least twenty (20) years.
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Re: [Vietnam] Sao Vang Dai Nguyet

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FSO GOLDEN STAR ACHIEVES FIRST CONDENSATE IN VIETNAM

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Malaysia Vietnam Offshore Terminal (L) Limited (MVOT)’s FSO Golden Star has successfully received the first condensate for the Sao Vang and Dai Nguyet (SVDN) Project offshore Vietnam on 16 November 2020. MVOT is a 51% MISC Berhad (MISC) owned joint venture with PetroVietnam Technical Services Corporation (PTSC).

FSO Golden Star with a storage capacity of about 700,000 barrels of condensate was successfully converted and sailed away from Malaysia Marine and Heavy Engineering’s West Yard on 10 September 2020 for the SVDN Project in Blocks 05-1b and 05-1c, offshore Vietnam for Idemitsu Gas Production (Vietnam) Co. Ltd.

MISC’s President & Group Chief Executive Officer, Mr. Yee Yang Chien said, “Congratulations to FSO Golden Star for achieving this landmark condensate amidst the challenging and unprecedented global pandemic. I would like to take this opportunity to thank our client- Idemitsu Gas Production (Vietnam) Co. Ltd.for their trust and confidence placed on our team at MVOT. Our sincere appreciation to our joint venture partner - PetroVietnam Technical Services Corporation for the successful collaboration and commitment to deliver the best to our client”.

“To all the project teams and subcontractors, well done and thank you for your dedication and commitment in prioritizing safety throughout the entire project leading to FSO Golden Star’s successful sail away and first condensate. This milestone achievement marks another success for MISC in further expanding the Group’s presence in Vietnam and strengthening its footprint as one of the leading players in providing floating offshore solutions in South East Asia,” he added.

FSO Golden Star is MISC’s 2nd floating asset that operates in Vietnam waters together with FPSO Ruby II. Being converted from the donor vessel YASA Golden Horn, FSO Golden Star is designed to remain in continuous service at the field for a minimum of 7 years without dry docking.
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