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Sunday, 20 July, 2008, 02:50 GMT | more prices >>

Galoc set to flow next month

By Upstream staff

First oil from the Galoc oilfield off the Philippine looks set to flow early next month as the pre-commissioning of the floating production, storage and offloading vessel is nearing completion and is expected to be mobilised shortly.

The FPSO, Rubicon Intrepid’s pre-commissioning prior to hook-up to a pre-installed mooring and riser system is progressing in Batangas, 120 kilometres south of Manila, said joint venture member Otto Energy.

The Galoc oilfield lies about 65 kilometres north-west of Palawan.

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.