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LIVE

Monday, 08 September, 2008, 17:50 GMT | more prices >>

Galoc subsea systems ready to go

By Upstream staff

Photo by Amanda Battersby

Galoc Production Company, the operator of the Galoc oilfield off the Philippines, has completed the installation of subsea equipment, and mooring and riser systems for the field, joint venture member Nido Petroleum has said.

Galoc is now awaiting the arrival of the floating production, storage and offloading vessel after installing the equipment in about 290 metres of water on the field, about 65 kilometres north-west of Palawan, Nido said in a statement.

It said the vessel was expected on the field early this week after final fitting out and commissioning work at Batangas.

First oil from the project is expected in late April, Nido said.

Shareholders in the Galoc field are the Galoc Production Company (58.29%), Nido Petroleum (22.28%), Philodrill (7.02%), Oriental Petroleum & Minerals (7.58%), Forum Energy (2.27%), Alcorn Gold Resources (1.53%) and PetroEnergy Resources (1.03%).

Australian junior Otto Energy holds a 31.38% shareholding in Galoc Production, while a subsidiary of Vitol owns the remaining 68.62% stake.