MANILA, Philippines - Australian oil exploration firm Nido Petroleum Ltd. reported that production of the Galoc oil field in northwest Palawan increased by 37 percent in the last quarter of 2009.
In a report, Nido said that for the period October to December last year, production at the oil field totaled 747,757 barrels up 37 percent from 547,223 barrels in 2008.
The report said the average daily production from the field was at 8,128 barrels.
Jose Victor A. de Dios, Nido president and CEO, said since the start of the Galoc operations in October 2008, the field has now produced 3.58 million barrels of oil.
“The Galoc consortium began consideration of available options to improve the production profile of the field, including a possible upgrade to the FPSO (Floating, Production, Storagem and Offloading vessel),” De Dios said.
At present, Nido holds 22.88 percent interest in Galoc. The Galoc Production Co. (GPC) is the field’s operator with 59.84 percent. GPC is co-owned by European trade Vitol group with 68.6 percent and Otto Energy Ltd with 31.4 percent.
Other members of the consortium are Oriental Petroleum & Minerals Corp./Linapacan Oil as & Power Corp., with 7.79 percent; Philodrill Corp., with 7.21 percent, and Forum Energy Philippines Corp., with 2.28 percent.
The Galoc oil field is estimated to contain 10 million barrels of oil, and produces between 12,000 and 14,000 barrels per day from two subsea wells.
The second phase of the Galoc field development, which involves the drilling of two additional wells, has yet to start. The second stage of the development is expected to tap an additional reserve of five million barrels and add around 4,000 barrels to the field’s daily production.
“The Galoc joint venture continues to assess further facility and subsurface development options for Phase 2 of the Galoc oil field development,” the company said.