Jadestone Vitality plc stated it has submitted a area improvement plan (FDP) for the Nam Du / U Minh discoveries offshore southwest Vietnam to state-owned Petrovietnam.
The FDP lays out a phased improvement idea for the property, which is predicated on unmanned wellhead platforms at every of the Nam Du and U Minh fields tied again to a floating manufacturing, storage and offloading unit (FPSO), the corporate stated in a information launch. The processed gasoline would then be exported onshore by way of a 21-mile (34-kilometer) pipeline tied into an current trunkline to the Ca Mau industrial advanced in southwest Vietnam.
The Nam Du and U Minh fields are positioned offshore southwest Vietnam in shallow waters of 164 to 197 toes (50 to 60 meters). The fields are positioned on the manufacturing sharing contracts of Block 46/07 and Block 51 respectively, which Jadestone each operates with a 100% working curiosity every. Nam Du and U Minh have been independently assessed to comprise gross combination 2C sources of 171.3 billion customary cubic toes of gasoline and 1.6 million barrels of liquids, based on the discharge.
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The primary section of the FDP envisages the Nam Du area initially being introduced onstream, accelerating first gasoline to Vietnam and revenues to Jadestone to assist fund the event of U Minh manufacturing within the second section, the corporate stated.
The FDP consists of drilling two wells from every platform to help a plateau price of 80 million customary cubic toes per day, Jadestone acknowledged.
After receiving Petrovietnam’s endorsement, the FDP can be thought of for approval by the nation’s Ministry of Trade and Commerce, based on the discharge.
The subsequent steps within the improvement course of embrace finalizing the gasoline gross sales settlement, which is “nicely superior with the gasoline purchaser,” and would formalize a heads of phrases agreed in January 2024, Jadestone stated.
The corporate additionally anticipates finalizing a financing plan, which may contain bringing in improvement companions, in parallel with main contract tenders.
Adel Chaouch, Jadestone Govt Chairman stated, “Our Vietnam gasoline property are elementary to Jadestone’s funding case and are central to our strategic intention of being the main Asia-Pacific upstream impartial. Growth of the found useful resource base will drive important natural progress and worth creation for our shareholders, with additional materials upside potential from further prospects and leads throughout our license place”.
“Submission of an FDP is due to this fact a serious milestone within the commercialization of the Nam Du / U Minh discoveries and demonstrates actual momentum in our engagement with the Vietnam authorities. The event of Nam Du / U Minh could be a win-win for each Jadestone and Vietnam, delivering reasonably priced gasoline provides with a decrease GHG [greenhouse gas] depth to the southwest of the nation, creating and sustaining jobs and financial advantages,” he added.
Singapore-based Jadestone Vitality describes itself as an impartial upstream firm centered on the Asia-Pacific area with a portfolio of manufacturing and improvement property in Australia, Malaysia, Indonesia, Thailand and Vietnam.
The corporate stated it’s pursuing a technique to develop and diversify its manufacturing base each organically, by way of developments reminiscent of at Akatara in Indonesia, Nam Du / U Minh in Vietnam and the Puteri Cluster offshore Malaysia, in addition to by way of acquisitions that match inside its monetary framework.
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