By OGJ editors
HOUSTON, Apr. 5 -- Korea National Oil Corp. (KNOC) signed a letter of intent with Modec Inc., Japan, as part of a consortium with Mitsui & Co. Ltd. and Petroleum Technical Services Co. (PTSC), a subsidiary of Vietnam Oil & Gas Corp. (Petrovietnam), for a floating storage and offloading (FSO) vessel for KNOC's Rong Doi and Rong Doi Tay fields off Vietnam.
The consortium will be responsible for the engineering, procurement, construction, installation, commissioning, and operation of the FSO including the external turret mooring system. It will own and operate the FSO for 7 years with 23 additional 1-year options.
The letter of intent includes the time charter of the FSO to KNOC for 7 years with maximum 30 years operation.
The Rong Doi (Twin Dragon) and Rong Doi Tay (Twin Dragon West) fields are 320 km southeast of Vung Tau on Block 11-2 of the Nam Con Son basin. The FSO is to be installed in 85 m of water and is designed with a receiving capacity of 18,000 b/d of condensate and storage capacity of 300,000 bbl. Condensate processed at Rong Doi platforms will be loaded into the FSO via flexible riser.
With the completion of this project, Modec will be operating three FSO or floating production, storage, and offloading (FPSO) vessels in Vietnam.