Triangle signs storage deal with BP

Triangle Energy has entered into an agreement with BP for the storage of its crude oil at the BP Kwinana facility.

Under the terms of the deal, oil produced from the Triangle-operated Cliff Head Joint Venture will be stored in two tanks at BP Kwinana as a co-mingled product with crude and condensate from other producers also using the Perth storage facility.

The agreement will run for one year until 22 April 2021, although both parties have agreed to discuss the possibility of an extension.

Triangle will pay a monthly capacity rental charge and a throughput fee per barrel, with the charges linked with charges applicable to other users of the facility.

Triangle Managing Director Robert Towner said the company was continuing its strategy to become the dominant operator of conventional oil licences in the Perth Basin.

“Subject to the completion of the recent acquisitions in relation to the L7(R1) licence at Mt Horner, offshore exploration licences EP 437 and WA-481-P, Triangle will be the operator of four licences including WA-31-L at Cliff Head,” he said.

“These licences are located both offshore and onshore with significant infrastructure capable of taking oil to the market upon exploration and development success and the execution of a binding offtake agreement.”

Triangle has an investment in licences covering approximately 10,000 m2 of acreage.

For more information visit the Triangle website.

Extracted from Pipeliner

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