3rd Sep 2020 20:36
Jadestone Energy Inc - oil and gas production company - Announces new offtake arrangements for its Stag oilfield. Jadestone's 100% owned and operated Stag oilfield produces crude oil via a fixed leg, central processing facility platform, which, since the field's original development, has been offloaded to a floating storage and offloading vessel, the Dampier Spirit. In May, the owner of the Dampier Spirit advised the Company of its intention to retire the Dampier Spirit later in 2020, and, as required under the terms of their agreement with Jadestone, they have been unable to provide a suitable replacement vessel.
As a consequence, the company has developed a new operating strategy, utilising offtake tankers to directly offload Stag crude oil. To implement this strategy Jadestone has awarded a contract to a respected international tanker provider who will supply modern double hulled tankers, operated to the highest safety and environmental standards. The first offtake tanker is scheduled to arrive in the field coincident with the Dampier Spirit departure in mid-September.
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Year-to-date change: down 27%
By Evelina Grecenko; [email protected]
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