Bad weather delays oil prod’n in Nido Petroleum’s Galoc field
Australian firm Nido Petroleum Ltd. has pushed back its oil production timetable at its Galoc field in offshore
The company said it needs to delay the production in the oil drilling site due to unavoidable natural occurrences such as inclement weather.
The exploration group originally targeted to produce its first oil from the field last April but delays in the pre-commissioning of the FPSO, mechanical troubles and adverse weather conditions subsequently pushed its target date to end of May and then to early June.
According to the oil exploration firm, there was an eight-day delay in the hook-up of floating production, storage and offloading system (FPSO) vessel to pre-installed undersea facilities in the Galoc field.
The company said the FPSO will function as the field’s oil, rig suctioning off crude at a projected rate of 17,500 barrels per day.
It said this would boost its monthly oil production to less than half a million barrels from the present 17,000 barrels per month.
Galoc field is being operated by the consortium led by Galoc Production Co. with a 58.29 percent share; Nido with a 22.28 percent share and other local upstream oil companies.
The Galoc field is located in petroleum service contract (SC) 14C off the shores of northwest
If proven successful, Galoc could be the first oil development project undertaken in the country for over a decade since
In 1981, the field was discovered and yielded oil during production tests in the late 1980s.
However, this was never developed as it was then deemed as commercially not viable because of low crude prices.
But skyrocketing oil prices and new oil development technologies have made the current efforts in the Galoc field and other sites across the county economically viable, boding well for the country being a net importer of oil.
Aside from Galoc, the other possible oil find are in Calauit in SC 50; Nido 1X1 straddling the SC 14 and SC 54 areas; Octon in SC 6A and
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