Join our daily newsletter At The Bell to receive exclusive market insights
- Joint venture partners Triangle Energy (TEG) and Pilot Energy (PGY) progress activities for the first oil export through the Port of Geraldton
- Following trucking from the Arrowsmith Stabilisation Plant in Perth, 24,500 barrels of oil have been loaded for shipment at the port
- The companies plan to load further oil before shipping it to Singapore to be sold to an oil refinery
- This marks to beginning of a new export route and will enable the continuation of oil production from the Cliff Head oil field in the Perth Basin
- TEG shares are up 9.09 per cent to 1.2 cents while PGY is flat at 1.6 cents at 1:37 pm AEST
Joint venture partners Triangle Energy (TEG) and Pilot Energy (PGY) have progressed activities for the first oil export through the Port of Geraldton.
Following trucking from the Arrowsmith Stabilisation Plant in Perth, 24,500 barrels of oil were loaded for shipment at the port.
The truck will remain on standby as the joint venture plans to load a further 25,000 to 30,000 barrels of oil in six weeks.
The oil will then be shipped to Singapore to be sold to an oil refinery.
This marks to beginning of a new export route and will enable the continuation of oil production from the Cliff Head oil field in the Perth Basin.
Mid West Port Authority (MPWA) CEO Damian Tully was looking forward to continuing work with the joint venture.
“We are excited to facilitate a new tanker export route through Geraldton, enabling the supply chain and demonstrating that MWPA continues to provide a viable trade opportunity,” he said.
The joint venture has planned to ramp up production next month when the CH10 well workover is completed.
TEG shares were up 9.09 per cent to 1.2 cents while PGY was flat at 1.6 cents at 1:37 pm AEST.
