Jadestone Energy has submitted a field development plan to Petrovietnam for the Nam Du/U Minh discoveries offshore southwest Vietnam.
The company plans a phased development, with unmanned wellhead platforms at both the Nam Du and U Minh fields tied back to an FPSO, and processed gas exported through a new 34-km pipeline connecting to an existing trunkline to the Ca Mau industrial complex in southwest Vietnam.
Nam Du would come onstream first, with revenues from production used to help fund development of U Minh in the second phase.
Two wells drilled from each platform would deliver plateau production of 80MMcf/d. Assuming Petrovietnam’s endorsement, the field development plan would pass to the Ministry of Industry and Trade for approval.
Next steps in the process include finalizing the gas sales agreement to formalize the heads of terms agreed in January 2024. In parallel, Jadestone would progress financing by seeking to bring in partners for the development and issuing the main EPCI and FPSO contract tenders.
Both of these would be confirmed prior to taking FID on the project.
Nam Du/U Minh are in 50-60 m of water in Block 46/07 and Block 51, respectively, with Jadestone owning 100% shares in both blocks. Independent analysis suggests combined 2C resources of 171.3 Bcf of gas and 1.6 MMbbl of liquids.
