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Monday, 08 August 2022

O Offshore & Arctic Development

Jadestone secures development approval for Vietnam offshore gas fields

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Jadestone Energy has secured approval of its Outline Development Plans (ODP) for the Nam Du and U Minh gas fields located offshore south-west Vietnam.

The approval, awarded by Vietnam’s Ministry of Industry and Trade (MOIT), will enable the company to commence development works on these two gas fields.

Front End Engineering and Design (FEED) work on the Nam Du and U Minh gas fields, as well as discussions over a gas sales agreement are expected to start immediately.

Jadestone Energy president and CEO Paul Blakeley said: “I am delighted by this key approval, which we accept as a strong vote of confidence in Jadestone’s ability to deliver these offshore gas developments, which are so deeply important for Vietnam.

“This is a perfect example of one of the central strands of our strategy, which we unveiled 18 months ago, which is to add value by commercialising near-term undeveloped discoveries, especially gas fields with logical ties to the gas-hungry domestic markets in South East Asia.”

The Nam Du and U Minh fields, situated in the block 46/07 and block 51 respectively, contain high-quality, low CO2 gas resource.

Under the ODP, the company aims to commercialise these two resources as stand-alone developments by using existing infrastructure.

According to LR Senergy, these two fields are estimated to host recoverable 2C resources of 202 billion cubic feet of gas and 0.7 million barrels of liquids, as of 1 January 2016.

In addition to fulfilling customary conditions stated by MOIT, Jadestone plans to complete FEED work and GSA negotiations before submitting the Field Development Plan.

The Field Development Plan is expected to be submitted in the third quarter of next year, while first production is estimated to be achieved by late 2021. 

Source: Offshore Technology

Global Energy Insight, established in 2017, as an independent online journal focused on offering Global coverage of up-to-date news and technological advances