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Tuesday, 02 December, 2008, 21:20 GMT | more >>

Otto targets Calauit start-up



By Upstream staff 

Australia-based Otto Energy is planning to bring on stream the Calauit oilfield in the Philippines at a rate of 12,000 to 15,000 barrels per day of oil early next year.

The new field will raise the Philippines' domestic crude output by about a third, after the 17,500 bpd Galoc field comes on stream during the fourth quarter of this year.

"Production will start in January or February 2008," said company chief executive Alex Parks.

Small independent Otto Energy operates the Calauit field off the Philippines with a 70% interest.

The company has operational interests in two other permits in the Philippines, as well as assets in Turkey and Argentina, Reuters reported.


Wednesday, 07 February, 2007, 11:41 GMT  | last updated: Wednesday, 07 February, 2007, 11:41 GMT

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