Yinson Production, through its joint venture PTSC South East Asia Pte Ltd (“PTSC SEA”), has signed a lease and operate contract with Phu Quoc Petroleum Operating Company (“PQPOC”) for a new‑build floating storage and offloading (FSO) unit to serve the Block B gas field offshore Vietnam.
The firm contract term is 14 years, with an option to extend by up to nine years. Total contract value—including potential extension—is approximately USD 600 million.
The newbuild FSO will be a double‑hull, turret‑moored unit installed in about 80 m water depth, with storage capacity of up to 350,000 barrels of condensate and designed for 25 years’ service without dry‑docking.
The project is expected to deliver first condensate in Q3 2027.
PQPOC was established by Vietnam National Industry – Energy Group (“Petrovietnam”) as operator of Blocks B & 48/95 and 52/97 (the Vietnam Block B Gas Project).
The framework anticipates delivery of 5,073.5 MMscm gas per year to customers in southwest Vietnam, supporting rising energy demand and economic benefits for the Government of Vietnam, Petrovietnam and investors.
PTSC SEA is owned 49 % by Yinson Production and 51 % by PetroVietnam Technical Services Corporation (“PTSC”).
According to the company, this new contract follows PTSC SEA’s award in November last year of an FSO contract for Murphy Oil’s Lac Da Vang project via PTSC AP (also a Yinson‑PTSC JV), and an 18‑month extension in December last year of the charter for FPSO PTSC Lam Son until 30 June 2026.
Yinson Production is a wholly‑owned offshore production services subsidiary of Yinson Holdings Berhad. It specialises in the provision of integrated floating production, storage, and offloading (FPSO and FSO) solutions, including design, lease, operation and maintenance of offshore units across global energy projects.
Phu Quoc Petroleum Operating Company (PQPOC) is a subsidiary of the Vietnam National Oil and Gas Group (Petrovietnam). It is the designated operator of the Vietnam Block B Gas Project under a Petroleum Sharing Contract covering Blocks B, 48/95 and 52/97, responsible for upstream development.