Pilot Energy acquires remaining interest in Cliff Head Oil Field to transform into carbon capture storage

Oil and gas exploration company Pilot Energy will acquire Triangle Energy’s interest in the Cliff Head Oil Field, located 10km off the Mid West coast, transforming it into a carbon capture project. Pilot Energy will acquire the remaining 78.75 per cent interest in the Cliff Head JV that Triangle Energy held, making Pilot the sole owner and operator transforming the facility into a carbon capture storage project. The agreement between companies will enable Pilot to pursue the carbon capture and storage project (CCS) in the Mid West, as well as introduce key strategic partners to participate in the broader Mid West Clean Energy Project. Existing Triangle employees will work on the Cliff Head field as it transitions from oil production to the CCS project. Triangle will support the ongoing operations of the oil field until the transaction completes. Pilot Energy executive chair Brad Lingo said the company’s ambitions were being met methodically and this was another milestone achievement in the company’s growth strategy. “Completion of the acquisition will enable Pilot to introduce strategically aligned partners into the project as well as financial investors to fund the proposed development,” he said. “This will be the first offshore CCS development in the Mid West, an important clean energy development in Western Australia and will be one of the world’s leading CCS projects.” Triangle Energy managing director Conrad Todd said the transaction would allow Triangle to pursue growth opportunities in the conventional gas and oil space and become a mid-cap oil and gas company. “As a result of this deal, Triangle’s improved balance sheet will allow it to focus on existing and new projects including the upcoming Perth Basin drilling program,” he said.