Jadestone signs GSPA with PV Gas for Nam Du and U Minh fields

Jadestone Energy has signed a state income and acquisition statement (GSPA) to proviso state from the Nam Du and U Minh fields offshore south-west Vietnam to PV Gas, a subsidiary of state-run Petrovietnam.

Under the presumption of the contract, Jadestone volition present 80 cardinal modular cubic feet per time (mscf/d), equivalent to astir 13,000 barrels of lipid equivalent per time (boepd).

The statement allows for a maximum regular quantity of up to 110% of the contracted amount.

PV Gas has committed to a take-or-pay statement acceptable astatine 90% of the regular declaration quantity, oregon astir 26 cardinal modular cubic feet per twelvemonth during the plateau phase.

The state terms astatine the wellhead volition travel levels comparable to Vietnam’s humanities state imports and volition see a fixed yearly escalation.

According to autarkic audits, the Nam Du and U Minh fields person combined gross 2P reserves totalling 32 cardinal barrels of lipid equivalent.

Jadestone estimates that seismically identified prospects wrong the existent licences incorporate arsenic overmuch arsenic 1.5 trillion cubic feet of gross unrisked state successful place.

Much of this assets is located adjacent Nam Du and U Minh, which whitethorn supply further volumes that could prolong oregon boost plateau accumulation from the archetypal development.

Jadestone CEO T. Mitch Little said: “The execution of this statement is simply a pivotal infinitesimal for Jadestone. After years of dedicated effort, we are present successful a presumption to present the Nam Du/U Minh development, which volition materially fortify our portfolio portion supporting our maturation ambitions.

“With each cardinal commercialized and method approvals present successful place, and caller cardinal hires into the Jadestone Vietnam task transportation team, we are present focused connected rapidly progressing towards the task execution phase.

“Our near-term priorities are to reason the bid valuation for the FPSO [floating production, retention and offloading] and tract infrastructure, and grant their respective contracts during the 2nd fractional of this year.”

Production from the Nam Du and U Minh fields is scheduled to statesman successful precocious 2028, successful enactment with the antecedently approved tract improvement program announced successful March 2026.

The improvement plan, which was submitted by the institution to PetroVietnaM successful March 2025, outlines the installation of an unmanned wellhead level astatine each field. Production from some sites volition beryllium sent to a cardinal FPSO vas astatine Nam Du.

After processing, state from some Nam Du and U Minh volition beryllium transported via Petrovietnam’s existing 18in pipeline, which connects the PM-03-CAA Block to the Ca Mau powerfulness and concern analyzable successful confederate Vietnam.