Galoc crude oil output hits 3m barrels

Production at the Galoc oil field off Palawan has reached 3 million barrels after a year of production, prompting the consortium operating the field to look for more reserves.

“Total production, since commencing operation in October 2008 to the end of the [third] quarter, was 2.83 million barrels. [After that] the 3 million barrels production milestone was reached,” said Australian firm Nido Petroleum Ltd

Nido has a 22.28-percent stake in Galoc Production Co. WLL (GPC), the majority owner and operator of the Galoc oil field. GPC holds a 58.29-percent working interest in Service Contract 14-C.

In a regulatory filing, Nido said that in the third quarter alone, the Galoc oil field produced 547,223 barrels of the Palawan light crude. Since it resumed production last August 13, the field has produced at a rate of around 11,000 barrels of oil a day, down from its pre-shutdown level of 12,000 to 14,000 barrels a day.

During the third quarter, 539,350 barrels of crude oil were delivered to two buyers- Petron and a company from Korea, which purchased 335,431 barrels.

Meanwhile, to further boost production, the proponents of the oil field said they continue to assess their options for the Phase 2 development of Galoc.

The development aimed at boosting production at the oil field, may include the drilling of two additional wells.

http://business.inquirer.net/money/topstories/view/20091103-233839/Galoc-crude-oil-output-hits-3 million-barrels

 

Category: ResourceAsia