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Jadestone Energy presents plan to develop offshore natural gas fields in Vietnam

Jadestone Energy presents plan to develop offshore natural gas fields in Vietnam

The Singapore-based Jadestone Energy PLC, an oil and gas company that develops offshore gas fields, has submitted to the state-controlled PetroVietnam a plan for a joint development of two offshore gasfields in southwest Vietnam.

Jadestone stated in a press release that the proposal included drilling two wells at the Nam Du and U Minh field to support a plateau production rate of 80 millions standard cubic feet per day.

Jadestone, a separate company, said that the development of Nam Du and U Minh's gas fields will reduce Vietnam's future dependency on expensive liquefied gas imports.

Gas will be transported to a floating production storage and offloading (FPSO) unit, where it will be processed before being exported to land via a 34 km pipeline (21 miles).

Jadestone operates in Australia, Southeast Asia, and South East Asia. This would be its first venture into Vietnam.

The company didn't provide a timetable for gas production but stated that it was working to finalise an agreement to sell gas with a buyer it had not identified. (Reporting and editing by Florence Tan, Rachna uppal and Michele Pek)

(source: Reuters)