Pivotree Completes Study For IPB Petroleum’s Browse Basin Asset

For Immediate Release

Highlights

  • Pivotree completes study for IPB’s Browse Basin.
  • Study assessed Pivotree over conventional development options.
  • Pivotree delivers a significant benefit on the first deployment of the system in a P50 reserves case.

Oil and Gas technology company PIVOTREE (or the “Company”) is pleased to announce the successful completion of an extensive study for IPB Petroleum’s Browse Basin. The study, conducted by PIVOTREE, marks a significant milestone in the exploration and development of IPB’s plans.

With a relentless commitment to delivering the world’s leading technology solution for development of stranded O&G assets, PIVOTREE partnered with IPB Petroleum to undertake an in-depth analysis of the Browse Basin’s potential. The study aimed to provide crucial insights into the basin’s ability to produce the stranded asset, in a commercially feasible way.

Led by a team of top-tier experts in subsea engineering and innovation. PIVOTREE leveraged its proprietary technology to assess the assets’ commercial viability.

The results of the study have been remarkable. PIVOTREE’s exhaustive research and analysis have uncovered promising indications of significant economic potential of IPB’s reserves within the Browse Basin. These findings hold immense potential for IPB Petroleum and the Australian energy sector as a whole, presenting new opportunities for domestic energy production.

PIVOTREE’s study also emphasised the importance of sustainable practices and responsible resource management in the energy sector. By adopting environmentally conscious approaches to extraction and production, the industry can ensure the long-term viability of Australia’s energy resources while minimising environmental impacts, particularly decommissioning.

The successful completion of the Browse Basin study further solidifies PIVOTREE’s position as a trusted partner in the energy sector. With a track record of delivering cutting-edge solutions and driving the best economic outcomes for stranded assets. Pivotree continues to empower companies like IPB Petroleum to extract value from assets that have been traditionally uneconomic to develop.

PIVOTREE has designed a field development concept for predominantly liquids-based hydrocarbon reservoirs (oilfields) too small to support a conventional standalone development and too remote to tie back to existing facilities via a pipeline.

The value proposition of the PIVOTREE system targets companies that own geographically or economically stranded oilfields. PIVOTREE’s potential to unlock small field developments significantly reduces project risk and gives owners and operators of stranded assets a profitable path to market.

Pivotree redefines what is meant by “minimal facilities.”

The PIVOTREE system consists of a subsea “tree” that simultaneously provides well and flow control and is the structural mooring element for a “Handy-sized” floating production, storage, and offload vessel (FPSO). No other subsea structures, such as platforms, moorings, flowlines, umbilicals, or manifolds are required, and the cost and risk of a typical installation campaign are removed.

The concept was borne out of a systematic, bottom-up examination of all functional attributes of a hydrocarbon production system and thinking creatively about how that function could be simplified without compromising features or safety, while maximising production.

Executive Director, PIVOTREE, Marcus Christian commented:
“We are privileged to be working with IPB as they move forward to developing their Browse basis assets. PIVOTREE has been designed and built here is Australia to support companies all over the world, extract the greatest possible value for the shareholders from stranded assets. It is great to be working with another Australia firm such as IPB that shares our vision in this regard.”

About Pivotree Pty Ltd:

Pivotree Pty Ltd is a technology company based in Perth, Western Australia. The company specialises in low-cost, low-risk, agile energy production and carbon storage technologies, with a mission to accelerate the global transition to a sustainable and low-carbon energy system.

For more information about Pivotree Pty Ltd and its innovative technology, please visit www.pivotree.com.au

About IPB Petroleum:

IPB Petroleum is an Australian conventional oil exploration company that has a material position in what it believes to be a potential new oil fairway along the south margin of the Browse Basin offshore Northwest Australia.

For more information about IPB, please visit www.ipbpet.com.au.

/// END ///

 

This announcement is authorised for release by Marcus Christian, Executive Director, Pivotree.

For further information please contact:

Marcus Christian, Executive Director

mpchristian@pivotree.com.au

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, revenue, costs, dividends, production levels or rates, prices or potential growth of Pivotree are, or may be, forward looking statements.  Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties.  Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

Contact Us

Let’s explore together how Pivotree can unlock the maximum value of your offshore development.