Pilot, Triangle restructure interest in West Aussie JV

Sydney-listed energy firms Pilot Energy and Triangle Energy have signed a binding term sheet for the re-alignment of their interests in the WA-31-L Cliff Head joint venture, the companies said on April 26.

The agreement provides a clear pathway for the carbon capture and storage (CCS) development project in Western Australia’s Mid West region.

Pilot has been undertaking feasibility studies into the potential for CCS and blue hydrogen production focused on the Cliff Head oil field. These studies have confirmed a significant CCS resource in WA-31-L.

This new agreement will allow Pilot and Triangle to progress an application to the National Offshore Petroleum Titles Administrator (NOPTA) to have the Cliff Head oil field reservoir declared a greenhouse gas storage formation.

The joint venture anticipates making an application to NOPTA for the grant of a greenhouse gas injection licence for the injection and permanent sequestration of a minimum of 500,000 metric tons/year of CO₂ into the Cliff Head oil field reservoir.

The companies will restructure their interests in the WA-31-L Cliff Head project resulting in Pilot holding a direct 57.5% participating interest share in the oil project and the CCS project and Triangle holding a direct 42.5% interest in both projects. Pilot will assume operatorship of both the projects.