Government approves plan for Nam Du–U Minh gas fields

Government approves plan for Nam Du–U Minh gas fields

A development plan for the Nam Du and U Minh gas discoveries offshore Vietnam has been approved by the government, advancing efforts to commercialise the project.

On March 18, Jadestone Energy plc, an independent upstream production and development company focused on the Asia-Pacific region, announced the formal approval of the Field Development Plan (FDP).

Mitch Little, CEO of Jadestone, said the FDP approval is a milestone that allows the company to book initial proven and probable reserves of 32 million barrels of oil equivalent and formalises its position to launch discussions with potential farm-in partners.

"Nam Du–U Minh will establish a new production hub offshore southwest Vietnam," said Little. "The tendering process for the main project infrastructure is well advanced, with the development expected to result in significant contract awards to local Vietnamese companies and generate substantial government revenues over its life."

He added that the undertaking supports Vietnam's strategic plan by prioritising sovereign resources to enhance energy security and economic growth, while also creating significant local employment opportunities. "Beyond the approved development, there is significant upside potential within our existing licences, which, if proven, will position Jadestone as a key contributor to Vietnam's gas supply for decades to come."

In preparation for the development phase, Jadestone has recruited Phil Cunningham as Vietnam country manager. Phil has over 30 years’ experience in the upstream industry, including positions of increasing seniority with some of the world’s largest upstream companies.

Jadestone Energy is an independent upstream company focused on the Asia-Pacific region. It has a balanced and increasingly diversified portfolio of production and development assets in Australia, Malaysia, Indonesia and Vietnam.

The company is pursuing a strategy to grow and diversify the company’s production base both organically, through developments such as Nam Du/U Minh in Vietnam and the Puteri Cluster offshore Malaysia, as well as through acquisitions that fit within Jadestone’s financial framework and play to the Company’s strengths in regional upstream development and operations and managing maturing oil assets.

VIR