PVTrans, EOCP and POVO to launch one of Vietnam's largest FPSOs for Chim Sao Oilfield Block 12W


PVTrans, EOCP and POVO to launch one of Vietnam's largest FPSOs for Chim Sao Oilfield Block 12W

On 15 April 2011, PetroVietnam Transportation Corporation (PVTrans) together with joint venture partners Emas Production (Singapore), Keppel Shipyard Ltd (Singapore) and the client Premier Oil Vietnam successfully held the Naming Ceremony of the FPSO Lewek Emas at Keppel Shipyard, Singapore. Attending the ceremony were representatives of Vietnam Oil and Gas Group (PVN), Vietnam Register (VR) and other business partners.

 

After 16 months from the Signing Ceremony of Cooperation Agreement, witnessed by the Prime Ministers from Vietnam and Singapore at the Government Office, the FPSO Lewek Emas has been completely converted from an oil tanker Suezmax 170,000 DWT, with total investment capital of more than US$ 405 million. The FPSO contract is worth up to approximately US$1 billion for the terms of 6 years with an option to extend on a yearly basic to a maximum of 12 years. The ship is owned by the joint venture PV Keez which comprises 3 mains shareholders - Emas Offshore Construction and Production (EOCP), Keppel Shipyard Ltd and PetroVietnam Transportation Corporation (PVTrans). After the 1st year of the operation phase, PVTrans will be the independent party to undertake the operation and maintenance services (O&M).

 

 

Lewek Emas is one of the FPSOs using the most cutting-edge technologies in Vietnam, with the capacity of 683,000 barrels and processing capacity of 50,000 barrels per day, facilitated with the advanced systems such as Water Injection System, Separator System, Gas Lifting Compressor System, and the Mercury Removal System (which helps lengthen the ship’s life and reduces environment pollution). Remarkably, this is the first time in Vietnam, an FPSO is equipped by an “internal turret” instead of an “external turret”, to enhance the stability of the vessel.

 

During project implementation stage, PVTrans has sent hundreds of personnel and engineers to Singapore for training and participating in the project daily work. Currently, over 90% of the personnel in charge of the FPSO are provided by PVTrans.

 

The Naming Ceremony of Lewek Emas was successfully hosted in the excitement of all participants for the first encouraging results of PV Keez. After sea trials are fully conducted, the FPSO will start her journey to Vietnam in late May 2011 to be ready for the 1st oil at Chim Sao Oilfield on July 2011.

 

The project of converting Lewek Emas from an oil tanker to an FPSO contributes a substantial part to the entire development plan of Chim Sao Oilfield Block 12W. Once the oilfield comes into the operation phase, it is estimated to achieve the capacity of around 15,000-30,000bpd.

 

PVTrans expects the project will not only improve its revenues and help the Company overcome the challenges in the unprecedented time of economic turmoil, but also mark a further milestone in FPSO/FSO business in Vietnam, and create a critical premise for the stability and productiveness in future development.

 

Thanh Huyen - Trading

 

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