Singapore-based Jadestone Energy is in the final stages of securing approval for the field development plan (FDP) for its Nam Du & U Minh (NDUM) gas project offshore Vietnam. A final development plan was submitted in March 2025, and the approval process is now nearing completion.

Project Scope and Infrastructure

The development plan envisages a plateau production rate of 80 million cubic feet per day of gas. The project infrastructure will consist of unmanned wellhead platforms at each field, connected to a floating production, storage and offloading (FPSO) vessel. Processed gas will be exported via a 34-kilometre offshore pipeline to an existing trunkline, ultimately supplying the Ca Mau industrial complex in southwest Vietnam.

Commercial Agreements and Project Value

Concurrently, the formal gas sales agreement (GSA) is also approaching its conclusive phase. The company believes a swift conclusion of both the FDP and GSA in early 2026 will allow it to expedite a farm-out process to bring in partners ahead of a final investment decision. Jadestone asserts there is significant value in the potential NDUM development that is not currently reflected in its share price, and it aims to de-risk the project further in 2026.

Resource Base and Project History

The fields contain independently assessed gross aggregate best estimate contingent resources of 171.3 billion cubic feet of gas and 1.6 million barrels of liquids. The project, suspended during the Covid-19 pandemic, was later revived.

FPSO Tender and Contractors

Leading domestic and international contractors are preparing bids for the long-term charter of an FPSO for the project. The FPSO will need gas-related facilities like compression and a liquids separator, with capacity to handle up to 80 MMcfd of gas. Options being considered include converting a tanker or redeploying an existing FPSO. A pre-qualification process for the FPSO was launched last year ahead of the tender.

Location and Strategic Importance

The Nam Du and U Minh fields are located in shallow waters of 50 to 60 metres in blocks 46/07 and 51 offshore southwest Vietnam. Jadestone operates both assets with a 100% working interest. The development is described as a win-win, aiming to deliver affordable, lower greenhouse gas intensity gas supplies to southwest Vietnam while creating jobs and economic benefits. There is further material upside potential from additional prospects and leads across the licence area.