Cliff Head – WA
The Cliff Head Oil Field (Cliff Head) is located 10 kms off the coast of Western Australia, at a water depth of 15-20 metres. The Production License WA-31-L covers 72km², and the oil field covers 6km² in the Commonwealth Exploration Permit WA-286-P. It was the first commercial oil discovery developed in the offshore Perth Basin. The development cost of the field was A$327m with first oil production commencing in May 2006. To-date the field has produced over 14.8 million barrels and continues to produce at above originally forecast rates.
Current oil production of approximately 1,300 bopd gross from the Cliff Head field is produced via an offshore platform connected to the onshore Arrowsmith Stabilisation Plant by twin 14km production and injection pipelines. Crude oil is trucked to BP at its Kwinana refinery south of Perth.
The Cliff Head facilities are the only offshore and operating onshore infrastructure in the Perth Basin, and therefore, important for any development in the surrounding area. An unmanned platform with a 14km pipeline carries the crude oil to a dedicated stabilisation processing plant at Arrowsmith with a production capacity of 15,000 bopd.
In June, 2016 Triangle acquired 57.5% interest in Cliff Head, including the Arrowsmith onshore oil processing plant, from AWE Limited (ASX:AWE) an Australian oil and gas company. The operating 42.5% was owned by Roc Oil Company Ltd (Roc).
The Cliff Head acquisition by Triangle reinstated the Company’s status as a producer of hydrocarbons following the sale of its Indonesian interests in February 2016.
Triangle took over as Operator of Cliff Head on the 22 May, 2017 following the purchase of Roc Oil (WA) Pty Ltd (renamed Triangle Energy (Operations) Pty Ltd) which held the 42.5% of Cliff Head, from Roc Oil Company Ltd, a subsidiary of Fosun International Ltd, a US$13bn company listed on the Hong Kong Stock Exchange.
Triangle purchased the asset via a 50/50 share purchase agreement, in partnership with Royal Energy Pty Ltd, acquiring Roc’s remaining 42.5%. Triangle now holds 78.75% interest in Cliff Head and is the Operator, with Royal Energy holding an interest of 21.25%.