The firm will now commence and complete the front end engineering and design (FEED) work, and negotiations of a gas sales agreement (GSA), prior to submitting a field development plan by 3Q 2019.
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 commercializing near-term undeveloped discoveries, especially gas fields with logical ties to the gas-hungry domestic markets in Southeast Asia.”
As per the ODPs, the Nam Du and U Minh fields, as stand-alone developments, will use existing infrastructure including a nearby pipeline to feed the onshore Ca Mau power complex and adjacent 800,000 ton/year fertilizer plant.
As per the estimates by LR Senergy as of 01 January 2016, the fields hold recoverable 2C resources of 202 billion cubic feet (bcf) gas and 0.7 million bbls of liquids.
Jadestone Energy owns 70% stake in the Block 51 while the remaining 30% is being held by Petrovietnam Exploration Production Corporation (PVEP).
Additionally, Jadestone holds 70% interest in Block 46/07 PSC, which covers an area of 2,622km² and is located adjacent to Block 51.
In Vietnam, Jadestone Energy also owns 30% stake in Blocks 05-1b & 05-1c PSC, which covers 925km² area in the Nam Con Son basin.
Singapore-based and gas company Jadestone Energy is engaged in production, development and exploration and appraisal activities in Australia, Indonesia, Vietnam and the Philippines.
