Jadestone Energy submits field development plan for Vietnam offshore gas fields
Jadestone Energy Inc. has announced the formal submission of the field development plan (FDP), for its Nam Du and U Minh gas fields, offshore southwestern Vietnam, to Vietnam Oil and Gas Group (Petrovietnam).
Following receipt of Petrovietnam’s endorsement, the FDP will be considered for approval by the Vietnam Government, expected to be received later this year. Approval from the Government will constitute formal development sanction for the fields.
The company has recently achieved several project milestones leading up to the FDP submission, including:
- Submission of a formal declaration of commercial discovery for the two fields;
- Finalisation of the bidder selection process for the facilities engineering, procurement, and construction contract, culminating in a binding letter of intent being issued to the successful bidder;
- Selection of a floating production storage and offloading vessel provider, including provisions for leasing, operations, and maintenance, now approved by Petrovietnam;
- Implementation of project management plans for the execution phase of the project, including health, safety and environmental management systems, and staffing the project organisation; and
- Receipt of amended investment licences for both fields’ production sharing contracts, confirming the Company’s working interest in Block 46/07 and Block 51 is now formally registered as 100%.
As of 31 December 2017, the Nam Du and U Minh fields had gross contingent gas resources (2C) of 171.3 billion ft3. The....