Jadestone Energy Inc., Singapore, has outlined new offtake arrangements for its 100%-owned Stag oil field in the offshore Carnarvon basin of Western Australia.
Since the field’s original development, Stag has produced crude oil via a fixed-leg, central processing facility platform into the floating storage and offloading vessel (FSO) Dampier Spirit moored to a catenary anchor leg mooring buoy.
In May, the FSO owner (Altera Infrastructure – formerly Teekay) advised Jadestone that it intended to retire the vessel later this year. Since then Jadestone has been informed that the owner has been unable to provide a suitable replacement vessel.
Consequently, Jadestone has developed a new operating strategy which involves utilizing offtake tankers to offload crude directly from the loading buoy.
The company has contracted an international tanker provider to supply modern double-hulled tankers for the offtake of Stag oil production.
Jadestone says that eliminating the need for ship to ship oil transfers in the field mitigates the offtake and will result in annual savings of 20% over the FSO operation.
The first offtake tanker is scheduled to arrive in the field in mid-September, coincident with Dampier Spirit’s departure.
Jadestone has worked with Australian regulators to ensure the new model complies with all laws and regulations.