- Pilot Energy (PGY) will commence a feasibility study to develop the Mid West Wind and Solar Project along the coast of WA’s Mid West region
- Geoscience Australia has consistently rated this region as highly suitable for green and blue hydrogen production
- The aim of the project is to develop a major offshore wind farm within the area of Pilot’s 60-per cent owned WA-481-P offshore permit
- As part of the feasibility studies, the company has outlined a four-stage development for up to 1.1 gigawatts of offshore wind power generation
- Combined with this, Pilot will develop an onshore solar farm that can deliver a large-scale and sustainable source of low-cost green energy
- Company shares have soared 33.3 per cent to trade for four cents
Pilot Energy (PGY) will commence a feasibility study to develop an offshore wind and onshore wind and solar power project.
The project has been dubbed the ‘Mid West Wind and Solar Project’ and will be located along the offshore and onshore coast of the Mid West region of Western Australia.
Pilot believes this region contains both world-class offshore and onshore wind resources and onshore solar resources. As a testament to this, Geoscience Australia has reported the Mid West region of WA is in the top 20 per cent of the most prospective areas for green and blue hydrogen production.
The aim of the project is to develop a major offshore wind farm within the area of Offshore Exploration Permit WA-481-P.
Pilot Energy owns a 60 per cent interest in and is the operator of WA-481-P. This permit is one of the largest offshore exploration permits in Australian Commonwealth waters.
The company will combine this development with an onshore solar farm to deliver a wind and solar project that can deliver a large-scale and sustainable source of low-cost green energy.
The offshore wind resource within the permit has been measured to have an annual mean wind speed of over nine metres per second at a hub height of 100 metres.
“This is exactly the type of development that demonstrates the ability to substantially redefine how the Australian offshore oil and gas industry can, in parallel with existing operations, participate in a low carbon future through offshore renewable energy projects delivering substantial low-cost energy to Western Australia,” Chairman Brad Lingo said.
As part of the feasibility studies, Pilot has outlined a four-stage development for up to 1.1 gigawatts of offshore wind power generation. This includes up to 78 14-megawatt wind turbines.
Under this concept, the offshore wind turbines can be located at least 14 kilometres offshore and to water depths of between 20-40 metres.
The company hopes to access and utilise existing offshore and onshore gas infrastructure, using the examples of a number of offshore Europe developments.
Pilot’s overall strategy is to transition from pure oil and gas exploration to gas supply, energy storage and renewables. To support this, the company expects to spend roughly $1.2 million on the Mid West Wind and Solar Project feasibility study.
Several other oil and gas companies are following suit by looking to diversify their portfolios by developing large-scale offshore wind farm projects.
Company shares have soared 33.3 per cent to trade for four cents at 11:32 am AEST.