Pilot Energy will retain the remaining 21.25% non-operated working interest in the WA-481-P exploration permit
Pilot holds 60% ownership in the permit. (Credit: QR9iudjz0 from FreeImages)
Australian oil and gas company Pilot Energy has agreed to divest a 78.75% stake in and operatorship of WA-481-P exploration permit in Offshore Perth Basin to an oil producer and explorer, Triangle Energy.
Currently, Pilot holds 60% ownership and has signed agreements with Key Petroleum to acquire the remaining 40% interest in WA-481-P, which is situated immediately adjacent to Triangle-operated offshore Cliff Head oil field.
Pilot Energy said that the following the acquisition of 100% ownership in the permit, the transfer of operatorship in the permit to Triangle is subject to standard and customary conditions.
The company will retain the remaining 21.25% non-operated working interest in the WA-481-P permit.
Pilot and Triangle will enter into a conventional offshore oil and gas joint operating agreement to set up a joint venture to manage the permit and the operatorship of the permit.
Pilot stated: “Under this arrangement Pilot will be designated the operator’s representative in connection with all matters relating to the interface with any potential offshore wind development affecting the WA-481-P permit area.”
Pilot, Triangle to form joint venture for Cliff Head wind and solar project
Additionally, the two companies have entered into an agreement to form a joint venture for the Cliff Head wind and solar project located along the Mid West Region of Western Australia.
Pilot and Triangle will study feasibility and pursue the development of an offshore wind power farm in the area centred around the Cliff Head offshore oil field production facilities, Cliff Head Alpha and the onshore Arrowsmith separation and processing facilities.
Under the terms of the agreement, Pilot will own 80% stake in the Cliff Head wind and solar project joint venture and the remaining 20% will be owned by Triangle.