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Sunday, 07 September, 2008, 03:40 GMT | more prices >>

Galoc project still playing catch up



By Upstream staff 

The schedule and budget of the Galoc oilfield project off the Philippines are still being assessed due to delays during the completion of the development wells, said co-venturer Nido Petroleum.

The marginal project had already endured a recent budget increase of about US$18 million on the original $87 million project cost due to interruptions to the drilling programe.

Nido said in its latest quarterly that the estimated project cost at the end of 2007 was $104 million, including contingencies.

However, following the end of the quarter ended 31 December 2007, additional delays were experienced during the completion of the wells, and "the impact on the project schedule and budget are still being assessed", said Nido.

First oil is expected in late March 2008, according to project operator Galoc Production Company, at a gross rate of 18,000 barrels of oil per day.

Proven plus probable reserves for the Galoc field off Palawan in Service Contract 14C are certifed by Gaffney Cline at 23.4 million barrels of oil.

GPC owns 58% of the Galoc project on behalf of Vitol and Otto Energy. Other partners are Nido Petroleum (22%) and local Philippine companies (20%).


Tuesday, 12 February, 2008, 01:00 GMT  | last updated: Tuesday, 12 February, 2008, 01:10 GMT

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