AIM-listed and Singapore-headquartered oil and gas player Jadestone Energy has confirmed the go-ahead for a field development plan covering gas discoveries off the coast of Vietnam, Southeast Asia.
The Vietnamese government has approved the field development plan (FDP) for the Nam Du/U Minh gas discoveries offshore Vietnam. The joint development of the Nam Du in Block 46/07 and U Minh in Block 51 gas fields in the Malay basin will grow and diversify Jadestone’s production base.
Mitch Little , Chief Executive Officer of Jadestone, commented: “The FDP approval is a milestone achievement in the commercialization of the Nam Du/U Minh fields. It allows us to book initial 2P reserves for the project of 32 MMboe and solidify discussions with potential farm in partners as we are now positioned to formally launch that process.
“I would like to thank all of our stakeholders in Vietnam for their leadership on this project approval, and Jadestone’s talented Vietnam team for their resiliency and dedication to bring us to this point. We are very pleased to welcome Phil Cunningham as Country Manager. His industry experience, particularly in Vietnam, will be of great benefit to Jadestone as we now push forward into the development phase.”
The Singapore-headquartered player has recruited Phil Cunningham as Vietnam Country Manager in preparation for the development phase in Vietnam. Cunningham previously worked for TotalEnergies, where he most recently served as Managing Director and Country Chair for Italy, after serving in a similar role in Norway.
Earlier in his career, Cunningham spent nine years working in a variety of roles across Southeast Asia, including Vietnam, where he started as a development engineer, and later became upstream operations manager for BP, as well as Vietnam asset manager for Premier Oil.
Little emphasized: “ Nam Du/U Minh will establish a new production hub offshore Southwest Vietnam. The tendering process for the main project infrastructure is well advanced, with the development expected to result in significant contract awards to local Vietnam companies, and generate substantial government revenues, over its life.
“Importantly, the project supports Vietnam’s strategic plan, prioritizing sovereign resources to enhance Vietnam’s energy security and economic growth, while also creating significant local employment opportunities. Beyond the approved development there is significant upside potential within our existing licenses, which, if proven, will position Jadestone as a key contributor to Vietnam’s gas supply for decades to come.”
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