Jadestone Energy submits plan to develop offshore gas fields in Vietnam

Singapore-based oil and gas development company Jadestone Energy has submitted a plan to state-controlled PetroVietnam to jointly develop two offshore gas fields in southwest Vietnam, it said on Tuesday.

The proposal includes drilling two wells in the Nam Du and U Minh fields to support a plateau gas production rate of 80 million standard cubic feet a day, Jadestone said in a statement.

Development of the Nam Du and U Minh gas fields would lessen Vietnam’s future dependence on expensive liquefied natural gas imports, Jadestone said separately on its website.

The gas will be tied to a floating production, storage and offloading unit, where it would be processed and exported onshore through a 34-kilometre (21-mile) pipeline to the nearby Ca Mau industrial complex.

Jadestone has operations across Southeast Asia and Australia. This project would mark its first foray into Vietnam.

The company did not provide a timeline for gas production, but said it was aiming to finalise a gas sales agreement with a buyer, which it did not identify.

(Reporting by Michele Pek; Editing by Florence Tan and Rachna Uppal)