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

MVOT will supply floating storage and offloading vessel (FSO) for the development of the gas and condensate fields. The FSO can store 700,000 barrels of condensate. However, Idemitsu Kosan’s minimum storage requirement is 350,000 barrels. The first condensate flows are to be received in July 2020.

The FSO can house 55 technical and operational personnel. Besides, it includes a helicopter landing gear, capable of receiving Airbus H-225 or equivalent.

 

“Winning the contract to provide the FSO vessel for the Sao Vang-Dai Nguyet gas development has proven the company’s capacity in implementing high-tech and complex petroleum projects at a very competitive cost”, Le Manh Cuong, CEO of PetroVietnam Technical Services Corp. said.

The annual production of the gas fields is almost 1.5 billion cubic metres (m3) of gas. Also, crude oil and condensate will amount to 2.8 million barrels.