Galoc Oil Field back on stream in the Philippines

This is from ogj.



The Philippines is almost entirely dependent upon imported oil so any increased production at Galoc will be a positive for the Philippines. The article does not say who owns the companies involved.


Galoc oil field back on stream in the Philippines
Rick WilkinsonOGJ Correspondent
MELBOURNE, Feb. 26 -- Production has resumed from Galoc oil field in the Palawan basin off the Philippines following completion of repairs and enhancements to the mooring and riser systems.
Operator Galoc Production Co. said the Rubicon Intrepid floating production, storage, and offloading vessel has been reconnected and that output would steadily be increased to 13,000-14,000 b/d of oil.
Production from the field was temporarily shut down in late December 2008 after a survey of the mooring and riser systems showed a partially detached component that would need to be reattached before the system could be reconnected to the FPSO.
Galoc holds a 58.29% interest in the field. Other partners include Nido Petroleum 22.28% and Otto Energy, which holds 18.28% indirect interest through its 31.38% stake in Galoc.

Philippines: Galoc oil field to start production.

This is from the IHT.
This is great news for the Philippines which is almost entirely dependent upon imported oil.
The cost of fuel is quite high in the Philippines especially in relationship to income. The independent jeepney drivers are always on the virge of going under because of the slowness with which fares are adjusted to costs and customers too with limited incomes are in turn hurt by the necessary increases in fares.

Philippines' Galoc offshore oil field to start production next week
The Associated Press
Tuesday, June 10, 2008
MANILA, Philippines: The Philippines' Galoc offshore oil field will start commercial production next week, initially pumping about 20,000 barrels daily, an official said Tuesday.
The news of the first oil field development in the Philippines in 16 years came as a relief to the oil importing country amid the rapid increases in petroleum prices. A consortium of mostly Philippine companies will pump the oil.
Galoc, about 220 miles (350 kilometers) southwest of Manila, has an estimated reserve of 10 million to 20 million barrels of "high-quality oil" that is light, non-waxy, and has medium sulfur content, Energy Secretary Angelo Reyes told reporters Tuesday.
Reyes said domestic refineries "will be given the first priority" once Galoc starts flowing oil on June 16 at 17,000 to 20,000 barrels per day.
"So rather than being exported, it will be consumed locally," he said.
He said additional exploration will be conducted to confirm more reserves.
The consortion is called Galoc Production Co., which includes Oriental Petroleum & Minerals Corp., Linapacan Oil & Gas Power Corp., and Forum Energy Philippines Corp. and other partners.
Galoc's oil will be benchmarked at international prices and is expected to result in US$1.4 billion (euro890 million) foreign exchange savings for the country, Reyes said.
Reyes also said Exxon Mobil Corp. has expressed interest in exploring for oil and gas in the Sulu Sea, south of Galoc.
He said Exxon has not yet disclosed its estimate of the reserves in the area, but the government is encouraged that such a large oil producer was exploring.
"Being a major, major player, they do not go into any area until the reserves in their estimation is large and quality oil," he said.
He said company officials will meet with President Gloria Macapagal Arroyo later in the week.
Notes:

Copyright © 2008 The International Herald Tribune www.iht.com

First oil at Philippines' Galoc field b earliest end of May

This is from Reuters. The oil is coming on stream a bit behind schedule. Philippines depends almost entirely on imported oil so this new field may provide a little relief from total dependence on foreign oil. This development alone will boost Philippine output by 70 per cent.





REFILE-First oil at Philippines' Galoc field by earliest end-May
Mon May 12, 2008 9:57am BST
(Refiles to correct spelling of Philippines)
SINGAPORE, May 12 (Reuters) - The Philippines' newest oilfield, Galoc, will come on stream at the earliest by the end of May, more than a month behind target, equity producer Otto Energy (OEL.AX: Quote, Profile, Research) said in a release on Monday.
Australia-based Otto Energy said in a press statement the Rubicon Intrepid Floating, Production, Storage and Offloading System (FPSO) arrived at the offshore field on Sunday.
Galoc Production Co. (GPC), which operates the 17,500 bpd field, has advised a three-week hook schedule, the company added.
"It is anticipated that these activities will take approximately three weeks with the target of achieving first oil by the end of the month," GPC said in an attached release that was issued on Sunday.
The first cargo of crude is anticipated for mid to late June but was not heard marketed yet.
First oil had been expected in the third week of April, senior officials said earlier this year, already slightly behind schedule for a first-quarter launch.
The Galoc field holds deep significance, not only for the Philippines whose meagre output it will hike by some 70 percent to slightly more than 40,000 bpd, but also for Otto Energy and Nido Petroleum (NDO.AX: Quote, Profile, Research), two small independent Australian companies that have bet on underexplored Philippines.
Galoc will be Otto Energy's first oilfield to come onstream.
Otto shares settled at A$0.43 on Monday, off the record high A$0.445 also touched earlier this month.
Nido shares closed 4.21 percent down on Monday at A$0.455, off a high of A$0.50 hit earlier this month.
Both companies underperformed the wider Australian market on Monday, which rose nearly 1 percent to 3-½ month highs.
Otto Energy acquired last December a 31.38 percent stake in GPC, with European trader Vitol holding the remaining 68.62 percent.
GPC operates the Galoc field with a 58.29 percent interest.
The remaining 41.71 percent are split between Nido Petroleum with a 22.28 percent share and several Phillipine partners.
Vitol, and European trader Trafigura, will be the two main marketers of the light sweet crude. (Reporting by Maryelle Demongeot; Editing by Michael Urquhart)
© Thomson Reuters 2008. All rights reserved. U

Philippines' Galoc oilfield to start in April

This if from Reuters.
This is good news since the Philippines is very much dependent on foreign oil making the cost of gasoline and diesel quite high.


REFILE-UPDATE 1-Philippines' Galoc oilfield to start in April
Thu Feb 28, 2008 3:26am EST
(Corrects web site name in paragraph 4.)

(Adds details throughout)

By Maryelle Demongeot

SINGAPORE, Feb 28 (Reuters) - The Philippines' 17,500 barrels per day (bpd) Galoc oilfield will start commercial production in April, slightly behind plans for a first-quarter launch, an executive with Nido Petroleum Ltd (NDO.AX: Quote, Profile, Research) said on Thursday.

The new crude will raise the Philippines' domestic crude oil output by some 70 percent to up to 42,500 bpd and will provide the first major crude oil addition to the Asia-Pacific region this year.

"Wells are now ready for production services in April 2008," Jon Pattillo, head of exploration for Australia's Nido Petroleum, which holds a 22.279 percent in the development, told an industry conference in Singapore.

Two wells, Galoc-3 and Galoc-4, were completed earlier this month. Galoc-4 flowed at 6,150 bpd and Galoc-3 at 5,200 bpd, operator Galoc production company said in statements earlier this month (www.galoc.com).

The light sweet crude, with a 35 American Petroleum Institute (API) gravity will be marketed by European trader Vitol, a partner in the field, said a company official last year.

Around 240,000 bpd of new sweet crude are expected to come onstream in Asia this year, well below oil demand in the region.

Benchmark Malaysian Tapis crude settled at a record-high of $104.00 a barrel on Wednesday, according to Reuters calculations, above over other bellwethers, which also hit records, reflecting the higher quality of Asia-Pacific grades.

Pattillo said the timing for the Galoc field to come on stream could not have been better. "With $100 oil, the timing is perfect," he told the 13th Asia Upstream Conference.

Pattillo had predicted at the same conference last year that Galoc could come online in the fourth quarter of 2007 and other officials said later in the year the field would start during the first quarter of this year.

Pattillo told Reuters on the sidelines of the conference the timing had slipped from the year-ago plans because of delays in drilling the wells.

The country consumes about 330,000 bpd, which forces it to rely on expensive crude imports.

Other partners in the Galoc field, located in the Northwest Palawan basin, offshore Philippines, include several Philippine companies, Australia's Otto Energy (OEL.AX: Quote, Profile, Research) and Vitol. (Editing by Ramthan Hussain)


© Reuters 2007. All rights reserved.