Yinson Production, PTSC hit first oil at FSO PTSC LDV ahead of schedule

Yinson Production and PTSC announced first oil from the FSO PTSC LDV at Vietnam’s Lac Da Vang field on Sept. 27, 2026, earlier than the previously guided Q4 2026 timeline. The milestone moves the offshore project into its firm charter period and signals a ramp-up in production through 2028.

Why it matters: - First oil is a key operational milestone for the Lac Da Vang field and the dual-fuel powered newbuild FSO PTSC LDV. - The project adds a new production source for Vietnam’s energy sector as the field ramps up through 2028. - The earlier-than-expected start supports the chartered asset’s commercial timeline and long-term field development.

What happened: - Yinson Production and PetroVietnam Technical Services Corporation announced that FSO PTSC LDV achieved first oil on 27 September 2026. - The vessel began production at the Lac Da Vang field in Block 15-1/05 offshore Vietnam. - The milestone came ahead of the previously communicated Q4 2026 schedule. - Provisional Acceptance was completed on 20 September 2026, which marked the start of the firm charter period.

The details: - FSO PTSC LDV is chartered to Murphy Cuu Long Bac Oil Co., Ltd., a wholly owned subsidiary of Murphy Oil Corporation. - The contract runs for 10 years and includes extension options of up to five additional years. - The Lac Da Vang field is expected to ramp up through 2028 as additional wells come online. - Yinson Production described the first-oil milestone as a major operational achievement for the field and the vessel. - Flemming Guiducci Grønnegaard, chief executive officer of Yinson Production, said the result reflected collaboration, technical excellence and a shared commitment to safety among Yinson Production, PTSC and Murphy Oil Corporation.

Between the lines: - The early start suggests the project is moving from commissioning into commercial operations faster than planned. - The 10-year firm charter, plus extension options, gives the asset a long operating runway if field performance continues as expected. - The ramp-up path through 2028 indicates first oil is the beginning of a broader production buildout rather than the end goal.

What's next: - Additional wells are expected to come online through 2028. - Yinson Production, PTSC and Murphy Oil Corporation said they expect to continue safe and reliable operations under the charter. - The field’s production profile should continue to expand as development advances.

The bottom line: - FSO PTSC LDV reached first oil ahead of schedule, giving the Lac Da Vang project an early commercial start and setting up a multi-year production ramp.