Offshore staff
SINGAPORE – Jadestone Energy says its development plan for the Nam Du and U Minh gas fields offshore southwest Vietnam is in the final stages of the formal approval process with the government.
Final approval of the plan and the gas price should come through soon. Detailed engineering and procurement are under way, and Jadestone is targeting first gas in late 2021.
The company expects to execute a gas sales and purchase agreement in the next few months.
All contract terms are in place, ready for execution upon project sanction. They include a facilities EPC contract, an FPSO lease and related O&M contract, a joint development agreement for the two fields, and a tie-in services agreement for connection into the Ca Mau pipeline.
Jadestone is presently tendering the transportation and installation work and the drilling rig and long lead items, with planned contract awards during 2Q.
This year the company is budgeting capex in the range of $160-190 million for this project plus drilling of the H6 infill well at the Montara field and the 50H infill well at Stag, both off Western Australia.
In addition, the company expects formal acceptance of its deal to take over from OMV as operator of the Maari field and facilities offshore New Zealand, and completion of its acquisition of a 69% working interest in H2 2020.
02/25/2020
