MVOT wins $176 million equipment deal for Vietnam offshore gas project

07-Nov-2018 Intellasia | Reuters | 6:00 AM Print This Post

Malaysia Vietnam Offshore Terminal (MVOT) has been awarded a $176 million contract to provide equipment for Idemitsu Kosan to develop a gas block off southern Vietnam, the Vietnam Oil and Gas Group, or PetroVietnam, said on Tuesday.

Under the 7-year contract, MVOT, a joint venture between PetroVietnam Technical Services Corp and Malaysia’s MISC Berhad, will provide a floating storage and offloading vessel (FSO) to the Japanese firm for the development of the Sao Vang-Dai Nguyet gas field, PetroVietnam said.

The FSO, due to start operating from July 2020, will have capacity to store 700,000 barrels of condensate, PetroVietnam said.

Sao Vang-Dai Nguyet, located at blocks 05-1b & 05-1c, 350 km (217 miles) southeast of Vietnam’s coast, is 43.08 percent owned by Idemitsu Kosan, 36.92 percent by Teikoku Oil (Con Son) Co. and 20 percent by PetroVietnam.

PetroVietnam said in August it had signed a gas sale-purchase agreement with the developers of the field. million-equipment-043531511.html


Category: Regional

Print This Post