PTSC Successfully Delivers Golden Camel FSO Ahead of Schedule, Ready for Vietnam's First Oil Production

In a significant achievement for Vietnam's offshore oil and gas industry, PetroVietnam Technical Services Corporation (PTSC) has officially handed over the FSO PTSC Lạc Đà Vàng (Golden Camel) floating storage facility ahead of schedule, marking a crucial milestone for the Golden Camel oil field development. The ceremony took place on June 23, 2026, at the Nantong Strongwind shipyard in Nantong, China, in the presence of PTSC representatives, Murphy Oil, Yinson, and other key partners.

The completion of this sophisticated offshore facility not only ensures the timely production of Vietnam's offshore oil resources but also demonstrates the growing technical prowess of Vietnamese enterprises in the global oil and gas sector. The question arises: Does completing a floating storage facility with capacity exceeding 500,000 barrels in just over 18 months prove that Vietnamese companies can compete with world-class offshore contractors, or does this merely represent the beginning of larger-scale offshore projects?

Technical Specifications of the FSO PTSC Lạc Đà Vàng

The FSO PTSC Lạc Đà Vàng represents a significant technological achievement, incorporating advanced design features and operational capabilities tailored for the demanding offshore environment of Vietnam's Block 15-1/05.

Accelerated Timeline Exceeding Expectations

One of the most remarkable aspects of the FSO PTSC Lạc Đà Vàng project is its accelerated implementation timeline, which significantly outperformed contractual requirements.

This compressed timeline—achieving what typically takes 24-30 months in the offshore industry—reflects exceptional project governance, supply chain coordination, quality control, and international collaboration between PTSC, Murphy Oil, Yinson, and various international contractors.

Advanced Technology for Sustainable Operations

The FSO PTSC Lạc Đà Vàng incorporates multiple advanced technological features designed to enhance operational efficiency while minimizing environmental impact:

The implementation of a dual fuel system is particularly noteworthy, as it reduces greenhouse gas emissions during operations while providing operational flexibility—aligning with global trends toward more sustainable energy development.

Outstanding Safety Performance

The project achieved an exceptional safety record with over 2.6 million safe working hours throughout the construction phase. This remarkable achievement reflects the effectiveness of the Health, Safety, and Environment (HSE) management systems and the safety culture maintained by PTSC and its partners throughout the construction process.

In the offshore oil and gas industry, where every working hour carries potential technical and safety risks, such a safety record demonstrates world-class operational management and commitment to worker protection.

Expanding PTSC's Offshore Fleet

With the delivery of FSO PTSC Lạc Đà Vàng, PTSC now operates a total of seven FSO and FPSO (Floating Production, Storage, and Offloading) units under ownership, investment, and operation. This expansion significantly strengthens PTSC's position as a leading Vietnamese enterprise in the development, investment, and operation of offshore floating facilities serving the energy sector.

Statements from Leadership

Mr. Nguyen Tu Hung, Deputy General Director of PTSC, emphasized the significance of the naming and handover ceremony: "This event marks a crucial milestone for PTSC as well as for the entire Golden Camel project. The facility has been constructed safely, to high quality standards, and ahead of schedule, further affirming PTSC's capabilities in investing, managing, and developing FSO/FPSO projects to international standards."

He added, "We expect the FSO PTSC Lạc Đà Vàng to play a vital role in helping the Golden Camel field achieve first oil production targets while continuing to enhance PTSC's position in the offshore energy value chain."

Recognition from Murphy Oil

Mr. Ravi Meka, representing Murphy Oil, acknowledged the collaborative efforts: "We commend the dedication of PTSC, Yinson, and all contractors throughout the project implementation. We are confident that the FSO PTSC Lạc Đà Vàng will play a crucial role in realizing the first oil production targets of the Golden Camel field."

International Partnership Expansion

During the ceremony, PTSC and Oceanstar Marine and Offshore Investment Pte. Ltd. signed a framework agreement to expand cooperation in future offshore energy projects. This agreement establishes a foundation for both companies to continue developing FSO, FPSO, and other large-scale marine facilities in the region.

Significance for Vietnam's Energy Sector

The timely completion of the FSO PTSC Lạc Đà Vàng not only ensures the progress of the Golden Camel oil field development but also demonstrates a significant advancement in Vietnam's capabilities for designing, managing, and operating offshore oil and gas facilities.

In an era of increasing energy demand and rising technical standards for offshore projects, PTSC's success could provide an important foundation for Vietnam to expand its oil and gas technical service value chain into international markets. The project showcases the country's growing technical expertise and project management capabilities in the complex offshore oil and gas sector.

As Vietnam continues to develop its offshore resources, achievements like the FSO PTSC Lạc Đà Vàng will likely contribute to the country's position as an emerging player in the global offshore oil and gas services industry, potentially opening opportunities for Vietnamese companies to participate in international projects.