Triangle Energy (Global) Ltd’s joint venture with Pilot Energy (ASX:PGY) Ltd, otherwise known as the Cliff Head Joint Venture (CHJV), advises that the AB Paloma tanker has returned from Thailand after unloading 52,900 barrels of oil.
The CHJV will be paid for this second delivery in early February 2023.
TEG has a 78.75% interest in, and is operator of, the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant (ASP).
The JV has also loaded an additional 25,500 barrels onto a tanker at Geraldton between December 17 and 20 – the fifth load-out of oil from its onshore ASP facility to the AB Paloma at the Port of Geraldton.
This tanker is anchored off Geraldton awaiting a second loading in approximately five to six weeks.
Viable export route
Successful deliveries have demonstrated that oil production from the Cliff Head oil field, operated by the CHJV in the Perth Basin, has a viable export route for both the Cliff Head Oil Field and other Perth Basin producers.
This will enable the continuation of valuable production from the Perth Basin.
“This second delivery of Cliff Head oil demonstrates the successful ongoing progress and management of the Cliff Head Joint Venture," Triangle Energy managing director Conrad Todd said.
"The second delivery of oil to a refinery in Thailand clearly confirms the viability of the truck to tanker export route.
“This export route is now progressing with the fifth tanker loading of crude oil complete which ensures that we will continue exporting and selling the oil produced from the Cliff Head Oil Field for the foreseeable future as we progress plans on the future utilisation of the Cliff Head facilities.”
Triangle and Pilot are working together to maximise production and income from the Cliff Head oil field whilst finalising working arrangements and JV alignment regarding the future development plans for Cliff Head, which are focusing on the development of a Carbon Capture and Storage (CCS) operation to provide carbon management services to third parties.
This is expected to significantly extend the working life of the CHJV infrastructure and facilities.