Triangle Energy has returned to a steady production rate at the Cliff Head oil field in Western Australia following an electrical fault in March, achieving an average of 970 barrels of oil per day.
The company reported that production had recommenced after the successful replacement of an electric submersible pump in one of the five oil-producing wells at the Cliff Head Alpha platform in December last year.
Amid the current low oil price caused by oversupply and weak demand, Triangle negotiated improved contracts with many of its suppliers, including reduced office rent and lower rates with its air and marine services as well as parts and equipment suppliers.
Triangle also awarded a three-year contract to GR Engineering Services’ Upstream Production Solutions for the provision of operations and maintenance services at the Arrowsmith Stabilisation Plant (ASP) and Cliff Head Alpha offshore platform.
Cliff Head is 270km north of Perth, within the production licence WA-31-L and is a joint venture between Triangle (operator, 78.75 per cent) and Royal Energy (21.25 per cent).
The Arrowsmith Stabilisation Plant is onshore, connecting to the Cliff Head oil field by twin 14 kilometres production and injection pipelines.
Arrowsmith has a production capacity of 15,000 barrels of oil per day, with the capacity to service increased reserves as well as third party crude.
Following the impact of COVID-19, the company is set to implement a temporary 30 per cent salary deferment for the managing director, chief financial officer and chief operating officer starting May this year.
Triangle has also reduced its operating costs and deferred non-essential, planned and proposed capital expenditure this year, amounting to $2.5 million.