Jadestone Submits Plan for Vietnam Project
Asia Pacific-focused Jadestone Energy has submitted the field development plan (FDP) for its Nam Du and U Minh gas fields, offshore southwestern Vietnam, to state-run Petrovietnam, it said October 21.
“Following receipt of Petrovietnam’s endorsement, the FDP will be considered for approval by the Vietnam government, expected to be received later this year. Approval from the government will constitute formal development sanction for the fields,” it said.
According to Jadestone, as of end-2017, the Nam Du and U Minh fields had gross contingent gas resources (2P) of 171.3bn ft3. The company said it intends to begin a reserves audit process in the coming weeks, which, in addition to details of the final gas sales and purchase agreement (GSPA), will establish the 2P reserves the company will be eligible to record following the project sanction and execution of the GSPA.
“We have made significant strides toward our proposed southwest Vietnam gas development, with all key workstreams progressing as intended. This is a major growth project for Jadestone and, with the submission of our field development plan, we now have a clear line of sight toward formal development sanction which is expected to be received later this year,” CEO Paul Blakeley said.
Blakeley said negotiations were progressing well toward finalising a GSPA in accordance with the heads of agreement signed with Petrovietnam earlier this year. He added that the company and the government were working together to swiftly monetise the resource, with targeted first production in late-2021.