Two Malaysian companies vying for a contract to provide the leased floating production, storage and offloading vessel for the Ca Rong Do oil and gas project in Vietnam have been asked to revise their commercial offers.

Bumi Armada and Yinson Holdings — the fifth and sixth largest FPSO companies in the world based on the number of floaters on contract and on order — are competing to provide Spanish operator Repsol with a vessel with processing capacity of between 25,000 barrels per day of oil and 30,000 bpd plus up to 130 million cubic feet per day of gas.

In August, the two contractors submitted updated proposals for the FPSO contract, which has a fixed lease term of between eight years and 10 years.

Sources said the project had slowed due to Repsol and Petro­Vietnam again requesting that the FPSO bidders revise their commercial prices and submit their new offers next week. Yinson is offering the OSX-1 FPSO, which it is in the process of purchasing, while Bumi has at least two existing vessels in its fleet that it could utilise for Ca Rong Do — the Armada Intrepid and the Armada Claire FPSOs. Operations and maintenance of the floater is to be carried out by the production services division of PetroVietnam Technical Services Corporation (PTSC) .

The Ca Rong Do development includes a tension-leg wellhead platform, which is a two-horse race between Modec and Floatec.

Sources said bid revisions have not been requested for the TLP, which will be connected via a subsea flowline to the FPSO.

The TLP contractor will partner with PTSC in construction of the platform, which will be the first of its kind in Vietnam.

Gas from Ca Rong Do will be exported via a subsea pipeline built and operated by Petrovietnam Gas.

Repsol has said its net investment devoted to the project between 2015 and 2019 is $630 million, meaning a total commitment of just over $1.1 billion for the joint venture.

Co-owner Pan Pacific Petroleum has provided recent updates for its shareholders, signalling a potential final investment decision before the end of June 2017.

The target for first oil remains the second half of 2019.

Repsol is also considering drilling an appraisal well on the Cobia prospect, adjacent to Ca Rong Do “as any resultant success would benefit from the CRD infrastructure”, added Pan Pacific.

The co-owners of Block 07-03 are operator Repsol on 55%, Pearl Energy (Mubadala Petroleum) on 25%, PetroVietnam E&P with 15% and Pan Pacific on 5%.

According to Pan Pacific, the gross best estimate of potential recovery from Ca Rong Do is 45.3 million barrels of oil, 172 billion cubic feet of gas and 2.3 million barrels of condensate.