Latest news with #YinsonProduction
Yahoo
a day ago
- Business
- Yahoo
Vietnam Block B gas project advances with FSO contract
PTSC South East Asia (PTSC SEA), a joint venture (JV) between PetroVietnam Technical Services Corporation (PTSC) and Yinson Production, has signed a lease and operate contract for a new floating storage and offloading (FSO) unit, set to bolster the Vietnam Block B gas project offshore. The contract, awarded by the Phu Quoc Petroleum Operating Company (PQPOC), is seen as a critical step for Vietnam's energy sector, enhancing the country's infrastructure. PQPOC, established by Vietnam National Industry – Energy Group (Petrovietnam), is responsible for the operation of the Vietnam Block B gas project, which includes Blocks B&48/95 and 52/97 in the south-west offshore region of Vietnam. The project, with an annual supply of 5.07 billion standard cubic metres of gas, aims to meet the growing energy needs of the south-west part of the country and provide economic benefits to the government, Petrovietnam and investors. Integral to the project's infrastructure, the new FSO will have a storage capacity of up to 350,000 barrels of condensate and is designed to be stationed for 25 years without the need for dry-docking. The turret-moored, double-hull FSO will be installed at a water depth of 80m. The firm period of the contract spans 14 years, with a potential extension of nine more years, bringing the total value to approximately $600m (VND15.72trn). The Vietnam Block B gas project's FSO is expected to achieve first condensate by the third quarter of 2027. Yinson CEO Flemming Guiducci Grønnegaard said: 'This contract reflects our strong partnership with PTSC and our long-standing commitment to Vietnam's offshore energy sector. 'The Block B FSO builds on our successful track record in the region and highlights our ability to deliver high-quality offshore assets that meet the specific needs of our clients. We are proud to support Vietnam's efforts to enhance energy security and are confident that this project will deliver long-term value for all stakeholders.' This new deal follows a previous award in November last year to PTSC AP, another JV between Yinson Production and PTSC, for the provision, charter, operation and maintenance of an FSO for Murphy Oil's Lac Da Vang project. Earlier this year, Yinson Production Offshore Holdings, a newly formed UK-based holding company of Yinson Production, signed a definitive agreement with a group of international investment firms. This agreement involves the issuance of $1bn ($749.89bn) in redeemable convertible preferred shares, along with 10% warrants, based on a post-money valuation of $3.7bn. "Vietnam Block B gas project advances with FSO contract" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Borneo Post
a day ago
- Business
- Borneo Post
Yinson, PTSC advance Vietnam's offshore gas ambitions with Block B FSO Project
Signing the contract are (from left) Yinson Holdings Bhd group chief financial & strategy officer Chai Jia Jun, Petrovietnam PQPOC deputy general director Nguyen Thanh Dung, and PTSC general manager of technical and operation Nguyen Tuan Hung, witnessed by (back row) PTSC chief executive officer Tran Ho Bac and Yinson Holdings Bhd group chief executive officer Lim Chern Yuan. SINGAPORE (July 29): Yinson Production, through its joint venture company PTSC South East Asia Pte Ltd (PTSC SEA), announced the signing of a lease and operate contract for the provision of a newbuild floating storage and offloading (FSO) unit to serve the Block B gas field, offshore Vietnam. The contract, awarded by Phu Quoc Petroleum Operating Company (PQPOC) marks a significant milestone in the development of Vietnam's energy infrastructure and demonstrates Yinson Production's ongoing commitment to delivering reliable and efficient offshore solutions across the region. This new FSO brings Yinson Production's fleet size to 11. PQPOC was established and nominated by the Vietnam National Industry – Energy Group (Petrovietnam) to undertake its rights and obligations as the Operator of Blocks B&48/95 and 52/97 and the Area of Joint Development in Blocks B&48/95 and 52/97. Blocks B&48/95 and 52/97 are located southwest offshore Vietnam with a sea water depth of 77-80m, about 250km and 400km respectively to the Ca Mau Province and the O Mon Power Complex. The framework for the Project development is to supply gas (5,073.5 MMscm per year) to the targeted customers in three areas of the southwest region of Vietnam, which contributes to fulfilling the rising energy demand in the southwest area and provides economic gains for the Government of Vietnam, Petrovietnam, and the investors. The FSO contract is estimated to have a firm period duration of 14 years, with the option for a potential extension of up to nine additional years. The total contract value, including the potential extension period, is estimated be in the region of US$600 million. The FSO will be a newbuild, double-hull, turret-moored unit installed in water depth of 80m. The FSO is designed to be stationed for 25 years without drydocking and is capable of storing up to 350,000 barrels of condensate. According to its chief executive officer Flemming Guiducci Grønnegaard, 'This contract reflects our strong partnership with PTSC and our long-standing commitment to Vietnam's offshore energy sector. 'The Block B FSO builds on our successful track record in the region and highlights our ability to deliver high-quality offshore assets that meet the specific needs of our clients. We are proud to support Vietnam's efforts to enhance energy security and are confident that this project will deliver long-term value for all stakeholders.' This new contract comes after the awarding in November last year of a contract to PTSC AP for the provision, charter, operation and maintenance of an FSO for Murphy Oil's Lac Da Vang project. PTSC AP is also a joint venture between Yinson Production and PTSC. In December last year, Yinson Production also announced the extension of the charter contract for FPSO PTSC Lam Son for 18 months until 30 June 2026. This contract is anticipated to achieve first condensate by the third quarter of 2027. corporate news oil and gas Yinson Production
Zawya
17-07-2025
- Business
- Zawya
Yinson Production's Titus de Greeff Joins African Energy Week (AEW) 2025 to Discuss Innovative Floating Production Storage and Offloading (FPSO) Solutions
Titus de Greeff, Head of Corporate Finance for Western Hemisphere at Yinson Production, has confirmed his participation as a speaker at African Energy Week (AEW): Invest in African Energies 2025, taking place from September 29 to October 3 in Cape Town. His participation comes as Yinson Production scales up its low-carbon energy solutions and deepens its footprint across Africa's offshore oil and gas sector through innovation, strategic investments and clean technology integration. As Yinson Production continues to expand its footprint across the continent, the company recently made a strategic stopover in Namibia, engaging with regional stakeholders and presenting its sustainability-focused offshore energy solutions. As Namibia rapidly rises as a frontier market for hydrocarbons, Yinson Production's presence underscores its intent to support responsible development through FPSO systems equipped with carbon-reducing technologies. Yinson Production's pioneering efforts are further exemplified by the FPSO Agogo, which will operate offshore Angola has part of the Agogo Integrated West Hub development. The vessel incorporates a suite of low-carbon technologies including a close flare system, hydrocarbon blanketing, combined cycle systems, automated process controls and all-electric drives. These innovations are expected to significantly reduce carbon emissions from FPSO operations and support Yinson Production's target of achieving carbon neutrality by 2030 and net-zero emissions by 2050. The Agogo project will develop two deepwater discoveries – Agogo and Ndungu – in Block 15/06, located approximately 20km west of the operational FPSO N'Goma. This development positions Yinson Productions at the center of Angola's next wave of deepwater growth while reinforcing the company's commitment to cleaner offshore production. Recognizing the importance of carbon capture and storage (CCS) in the global energy transition, Yinson Production has also expanded its decarbonization portfolio through key investments. In 2024, the company acquired Norway-based CCS business Stella Maris and made a strategic investment in Ionada, a technology firm specializing in compact carbon capture systems. These moves reflect Yinson Production's intent to integrate CCS into its FPSO operations and further reduce the environmental footprint of offshore energy projects. 'Yinson Production is redefining what sustainable offshore development looks like, combining cutting-edge FPSO innovation with bold carbon reduction strategies. As Africa advances oil and gas developments – from onshore to shallow water to deepwater – solutions introduced by Yinson Productions will support successful project development,' states Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber. De Greeff's participation at AEW: Invest in African Energies 2025 is set to highlight the company's role as a trailblazer in low-carbon energy, its support for Africa's energy security and its contributions to sustainable oil and gas production. Distributed by APO Group on behalf of African Energy Chamber.
Malaysiakini
06-07-2025
- Business
- Malaysiakini
Brics a new frontier for M'sian businesses
Platforms like Brics offer enormous opportunities, said Prime Minister Anwar Ibrahim, encouraging Malaysian companies to venture into new markets. He said they must be willing to explore trading opportunities overseas and not solely rely on traditional markets. He also praised Malaysian companies Petronas and Yinson Production for...
Malaysiakini
06-07-2025
- Business
- Malaysiakini
Brics a new frontier for M'sian businesses
Platforms like Brics offer enormous opportunities, said Prime Minister Anwar Ibrahim, encouraging Malaysian companies to venture into new markets. He said they must be willing to explore trading opportunities overseas and not solely rely on traditional markets. He also praised Malaysian companies Petronas and Yinson Production for...
