The Galoc oil field in offshore northwest Palawan has produced 3.6 million barrels of oil to date and delivered 10 shipments to customers, Otto Energy Ltd. of Australia said Thursday.

Otto disclosed to the Australian Stock Exchange that the Galoc field
“continues to produce in line with expectations and Otto is working
with the operator to continue to improve facility performance and plan
for the appraisal of the remainder of the field.”

Otto owns 31.4 percent of Galoc Production Co., the company that
operates the Galoc oil field, while the Vitol Group holds the majority
stake of 68.6 percent.

Galoc Production has a 58.29- percent interest in the Galoc field
production. Its partners in Galoc are Nido Petroleum of Australia with
22.8 percent; Oriental Petroleum and Minerals Corp., 7.57 percent; The
Philodrill Corp., 7.03 percent; Forum Energy Philippines Corp. of the
UK, 2.27 percent; Alcorn Gold Resources Corp., 1.53 percent; and
PetroEnergy Resources Corp., 1.03 percent.

Otto said two shipments of Galoc crude oil totaling a combined 688,000
barrels were delivered in the fourth quarter last year to customers,
mostly refineries in Asia, including Petron Corp. in the Philippines.

“Otto continues to work with the operator Galoc Production to determine
the most effective options to increase facility reliability and uptime.
Seismic reprocessing was undertaken in the quarter by the operator.
Planning has commenced for potential Phase 2 infill drilling,” it said.

Otto Energy earlier said that Galoc Production this year would start
preparations for the second phase of the field’s development that would
increase additional recoverable reserves by five million barrels.

The Galoc field is estimated to contain 10 million barrels of
recoverable oil reserves but Singapore’s Gaffney and Cline Associates,
which conducted its own assessment, said it could hold as much as 49
million barrels.

Source: Manila Standard Today

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