Pilot, Triangle strike new deal to progress WA carbon storage ambition
The pilot has committed itself to continuing the financing of complete operating costs associated with the structures for the head of the cliff, since the company progresses, it plans to transfer the site from the production of oil to the storage of carbon dioxide as part of its Punta’s energy project Mid West Clean Energy.
The terms of the existing title of the transaction remain intact, including a payment of $ 4 million to triangle at the time of the premium of a greenhouse gase injection license and a 2 % royalty on third -party revenues from the carbon storage project of the CLIFT Head, limited to $ 7.5 million.
Brad Lingo, president of the Energy Energy pilot, said: “Reaching these revised terms is a positive development as it allows the pilot to acquire a 100% interest in the joint venture on the oil field of the cliff and the associated operational activities. Based on these terms, the pilot can continue to progress the proposed project of carbon storage for the head of the cliff, which is a key component of the wider clean energy project of the Mid West. “
The pilot has recently established a project development agreement with a Consortium of South Korean mega-energy companies led by Korea Southern Power Co to jointly develop the Mid West Clean Energy project and guarantee a clean ammonia supply.
The Consortium is well financed by government initiatives aimed at the supply of ammonia for use in co-crooked hydrogen in coal electrical power plants in Korea.
The pilot is also evaluating how the structures can be used to support further productive operations and confirmed that it is set to start the execution of a pilot project of acquisition and processing of water financed by subsidy with the capture of technological partners 6.
The updated agreement with Triangle marks the last step in the transformation of the pilot into a carbon management and a clean energy manufacturer. The company is now a step forward towards the creation of the first offshore carbon dioxide storage project in Australia, which would also establish a national supply of clean ammonia for export in cleaning Asia-Pacific energy markets.
With the terms revised underway and a clarified regulatory path, the pilot now has the flexibility of capitalizing its strategic infrastructure and existing partnerships in South Korea as it expands its role in the future of the low WA emissions.
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