Australia's Otto Energy has produced more than 2 million barrels of oil at its Galoc oilfield, off the Philippines, since the completion of its second phase of development.
Otto revealed the milestone on Thursday, adding seven cargos from the field had been delivered into South-East Asian refineries, with a further three cargos expected to be delivered during the second half of the year.
Otto also said its analysis of the field following the Phase 2 drilling results had resulted in a clearer understanding of the structure and reservoir distribution between the Galoc Central field area, where current production wells are located, and the Galoc Mid and Galoc North areas.
The company also stated that it expects to make a decision on further drilling activities at Galoc by the end of this year or early next year.
It could look to carry out further activities to unlock the upside potential of the Galoc Mid field area or carry out additional drilling and infill activities to complement existing production at the Central field area. Otto could also look to carry out both activities together.
"Galoc is a key asset for Otto and has continued to deliver excellent production performance and uptime during 2014,” Otto chief executive Matthew Allen said.
“The potential to significantly add to the current Central field area 2P reserves from the Galoc Mid and North areas, as well as additional incremental volumes from further Central field area infill drilling, is very exciting and we look forward to completing the current round of studies and moving into further development activities at this high-value producing field.”
The Galoc oilfield lies in service contract 14C in 290 metres of water, about 65 kilometres north-west of Palawan Island. The second phase of development was aimed at boosting output at the field and came online in December last year.
Otto operates the field with a 33% stake and it is partnered by Kuwait Foreign Petroleum Exploration Company (26.84%), Nido Petroleum (22.88%), Oriental Petroleum & Minerals Corporation and Linapacan Oil Gas & Power Corporation (7.78%), Philodrill (7.21%) and Forum Energy Philippines Corporation (2.28%).