Jadestone Energy has obtained regulatory approval from the Vietnamese government for its Nam Du and U Minh gas discoveries.
Approval of the Field Development Plan (FDP) is a significant step for the project, moving it from exploration into active development. Located offshore in southwestern Vietnam, the Nam Du/U Minh fields are set to become a primary production hub, providing a critical domestic energy source for the nation.
With the FDP now sanctioned, Jadestone has confirmed the booking of initial 2P (proven and probable) reserves of 32 million barrels of oil equivalent (MMboe).
This formal recognition of the fields’ commercial viability enables the company to launch a farm-in process to secure strategic partners to share in the project’s development costs and operational scale.
Mitch Little, CEO of Jadestone, described the approval as a milestone achievement that solidifies the company’s position in the region.
“This allows us to solidify discussions with potential farm-in partners as we are now positioned to formally launch that process,” Little said.
“Importantly, the project supports Vietnam’s strategic plan, prioritising 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 licences, which, if proven, will position Jadestone as a key contributor to Vietnam’s gas supply for decades to come.”
The project is expected to deliver a substantial boost to the Vietnamese economy. Tendering for major infrastructure is already well advanced, with Jadestone anticipating significant contract awards for local firms and the creation of numerous employment opportunities.
To lead this transition into the development phase, Jadestone has appointed industry veteran Phil Cunningham as Vietnam Country Manager.
A chartered chemical engineer with over 30 years of experience, Cunningham previously held senior roles at TotalEnergies and BP, including prior assignments specifically within the Vietnamese upstream sector.
The Nam Du / U Minh project aligns with Vietnam’s broader strategic energy plan, which prioritises the development of sovereign resources to ensure long-term energy security and fuel industrial growth.
