MISC Group and PetroVietnam Technical Services Corporation have secured a contract for the FPSO Ruby II through their joint venture, Vietnam Offshore Floating Terminal Ruby. The agreement with Vietnam National Industry – Energy Group, known as Petrovietnam, covers the lease, operation, and maintenance of the FPSO until December 31, 2027.
MISC and PetroVietnam Technical Services hold 40 per cent and 60 per cent equity interests in the joint venture, respectively. This extension ensures the continued operation of the vessel, which has been active in blocks one and two offshore Vietnam since achieving first oil in June 2010.
According to MISC, the facility has operated for 5,761 days without any recorded injuries and has maintained an operational uptime of 99.88 per cent.
It has completed 236 offtake operations since the start of its service, resulting in the export of more than 68.5 million barrels (10.9 million cubic metres) of oil.
FPSO Ruby II is an Aframax-sized vessel designed with a production capacity of 39,000 barrels (6,201 cubic metres) of oil per day. The new contract includes life-extension work such as equipment replacement and refurbishment to ensure safety compliance during the extended term.
Zahid Osman, President and Group CEO of MISC remarked that the asset has been fundamental in enabling sustained production and creating value for the field operator.
