HA NOI (Biz Hub) — The PetroVietnam Technical Services Corporation (PTSC) has successfully built a floating production, storage and offloading (FPSO) unit to serve the Thang Long-Dong Do field off the coast of Viet Nam.

Owned by the Lam Son Joint Operation Company (LSJOC), the unit has been converted from an oil storage vessel at a total cost of over US$400 million. It is designed to store at least 350,000 oil barrels, process 18,000 barrels a day and operate non-stop for more than a decade.

This is the first time a Vietnamese contractor has done all phases of the conversion from capital raising, designing and repairs to operation and maintenance.

The unit was named "PTSC Lam Son" at a ceremony held in Singapore last Saturday by PTSC and its partners, including Keppel shipyard. PTSC General Director Phan Thanh Tung said the project is entering its final phase and PTSC Lam Son is expected to set sail for Viet Nam at the end of this month.

Nguyen Hung Dung, Deputy General Director of the Viet Nam National Oil and Gas Group, said implementing this project has helped PTSC staff improve their management and operational skills for major projects, contributing to the group's efforts to ensure national energy security. — VNS