Triangle Energy has refocused on lifting oil output and securing alternative export routes in preparation for the Kwinana export route closure.
As operator with a majority interest in the Cliff Head joint venture (JV), Triangle Energy reported it is presently producing around 535 barrels of oil per day (bopd) from the field.
“We expect to increase this production to 690 bopd following the recent completion of generator repairs,” a spokesperson for the company reported.
This production will be delivered to Kwinana in Western Australia to form part of the next oil lift.
To date, the Cliff Head JV has 105,000 barrels of oil stored at the BP export facility at Kwinana, and Triangle expects to have 139,000 there by the final load from the Arrowsmith facilities in late April this year.
The final lift from the Kwinana facilities into the export tanker is due to take place early May, from which, given the current oil price environment, the company expects to generate US$14 million.
In order to continue production after the cessation of the Kwinana esport route, Triangle has been investigating alternative export routes.
Three options have been explored and have now been narrowed to two acceptable outcomes, both of which involve trucking produced oil from the Arrowsmith facilities and exporting it from Geraldton, WA.
Technical work to increase oil production during this period of high oil prices is presently being undertaken by the JV.
Triangle has also reached an agreement with Norwest Energy to acquire an additional interest in the TP 15 permit in the offshore northern Perth Basin, bringing the company’s interests to 60 per cent.
Triangle has advised shareholders that it is seeking to broaden its portfolio and is stepping op new venture evaluations.
Managing director Conrad Todd said the company’s focus is on the next oil lift following the strategic review of its assets.
“The first priority has been to cement the cashflow from the next oil lift and determine which plans will be best for future deliveries. Given the positive oil price environment, maximising production is a clear focus, along with generating further value in the company’s assets in the medium term,” said Todd.
Subscribe to PPO for the latest project and industry news.