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Malaysia-Vietnam joint venture wins 176 mln USD contract

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.
Malaysia-Vietnam joint venture wins 176 mln USD contract ảnh 1The Songa Murcur rig at the Sao Vang oil field
(Source: VNA)

Hanoi (VNS/VNA) - The MalaysiaVietnam Offshore Terminal Ltd. (MVOT), a joint venture between PetroVietnamTechnical Services Corp and Malaysia’s MIBS Bhd, has won a 176 million contractto provide equipment for Idemitsu Kosan to develop the Sao Vang-Dai Nguyet gasproject.

Under the seven-year contract, MVOT will providea floating storage and offloading (FSO) vessel to the Japanese firm for thedevelopment of the gas and condensate fields, the Vietnam Oil and Gas Group(PetroVietnam) said on November 6.

The FSO has a capacity to store 700,000 barrelsof condensate, double Idemitsu Kosan’s minimum storage requirement of 350,000barrels. It is slated to receive the first condensate flows in July 2020.

The FSO is designed with housing for 55technical and operational personnel and a helicopter landing gear with thelatest UK CAP 437 standard, capable of receiving Airbus H-225 or equivalent.

The contract can be extended another eightyears.

Le Manh Cuong, CEO of PetroVietnam TechnicalServices Corp, said: “Winning the contract to provide the FSO vessel for theSao Vang-Dai Nguyet gas development has proven the company’s capacity inimplementing high-tech and complex petroleum projects at a very competitivecost.”

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

Teikoku Oil (Con Son) Co Ltd owns 36.92 percentand PetroVietnam holds the remaining 20 percent.

Estimated output of the gas fields is about 1.5billion cubic metres (m3) of gas per year and 2.8 million barrels of crude oiland condensate per year.

Late in August this year, PetroVietnam signed agas sale-purchase agreement with the developers of the field.-VNS/VNA
VNA
#Malaysia Vietnam Offshore Terminal Ltd. #PetroVietnam Technical Services Corp #MIBS Bhd #Vietnam #Malaysia #Vietnamplus #Vietnam News Agency Malaysia Vietnam
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