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Monday, 01 December, 2008, 22:10 GMT | more >>

Galoc-3 set to launch production



By Upstream staff 

Galoc Production Company, the operator of the Galoc field off the Philippines, said its Galoc-3 well was now ready to be connected to be tied in to the field's floating production unit, with first commercial oil production expected in April.

The well has been flow tested at a stabilised rate of around 5200 barrels of oil per day, the company said in a statement today.

Singapore-based Galoc Production is the operator of the Galoc Field Development that lies offshore the Philippines.

Australian junior Otto Energy has an indirect 18.28% interest in the Galoc field via a 31.38% shareholding in Galoc Production, which holds a 58.29% working interest in the field. A subsidiary of Vitol owns the remaining 68.62% in Galoc Production.

Nido Petroleum, Oriental, Philodrill, Forum Energy, Alcorn Gold Resources and Petroenergy Resources own the remaining stake in the field.

Galoc-3 will be connected to the Rubicon Intrepic floating production, storage and offloading vessel when the vessel arrives in March for first commercial oil production this April.

The drill ship Energy Searcher will then be moved to Galoc-4 to clean it up for production.

Once both the Galoc-3 and Galoc-4 are on production, the gross field production rate is expected to be over 15,000 bpd of which Otto’s share will be about 3000 bpd.

“We hope to get between 7000 and 8000 (bpd) from Galoc-3 and between 7000 and 10,000 (bpd) from Galoc-4,” Otto Energy’s chief executive Alex Parks told Upstream Online today.

Otto is one of the largest net acreage holders in the Philippines through its local offshoot Nor Asia Energy, added Parks.

Nor Asia holds operational control of three licences in the Philippines and total acreage of 3.75 million acres.

The cash generated from Galoc will fund Otto’s extensive exploration programme this year and next, Parks said.


Thursday, 21 February, 2008, 04:35 GMT  | last updated: Thursday, 21 February, 2008, 05:12 GMT

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