Fossil energy – Australia
BP Singapore has agreed to offtake 100% of the crude oil produced from the Cliff Head oil field, offshore W. Australia.
BP has signed a binding deal to buy the oil from the offshore oil field with the Cliff Head Joint Venture consisting of Triangle Energy and Pilot Energy.
Triangle Energy, will act as the operating agent on behalf of all of the Designated Seller Groups in relation to each of their offtake agreements and has entered into an agreement with each of the Designated Seller Groups to govern the provision of these services.
The offtake agreement will operate in tandem with the already executed Product Storage and Services Agreement (Storage Agreement) with BP Kwinana.
According to a statement released Thursday, the producers may be subject to penalties and liabilities if they, or another Designated Seller Group member, delivers off-specification product.
Based on current storage levels, the Cliff Head Joint Venture expects that the first lifting will take place in October 2021.