Biendong Petroleum Operating Co. extended the Bareboat Charter Contract for FSO PTSC Bien Dong 01 to Yinson Production for 5 years in Block 05-2/05-3 offshore southern Vietnam.
The extension, via the addendum entered by PTSC and PTSC SEA on June 2, 2023, sets a contract extension period from June 4, 2023, to June 3, 2028. The contract value is estimated at $74.6 million.
Blocks 05-2 and 05-3 are in Nam Con Son basin as part of the Bien Dong development and contain two commercial gas fields, Hai Thach and Moc Tinh, discovered in 1993-1995. The fields are high temperature, high pressure, and lie in 140 m of water. Reserves are 55.6 billion cu m of gas and 25.1 million tonnes of gas condensate.
FSO PTSC Bien Dong 01 has been operating in Block 05-2/05-3 since June 4, 2013.
Yinson Production is a joint venture between PetroVietnam Technical Services Corp. (PTSC, 49%) and PTSC South East Asia (PTSC SEA, 51%).
Biendong Petroleum Operating Co., a subsidiary of Vietnam Oil and Gas Group, is operator at Blocks 05-2 and 05-3 (51%) with partner PJSC Gazprom (49%).