Quantcast
Home » galoc You are browsing entries tagged with “galoc”

Otto: Galoc field to stay beyond 2020

By

Galoc, the country’s only operating oil field, is expected to remain in production beyond 2020 despite a slight adjustment in its reserve estimates, according to operator Otto Energy Ltd.

Posted: March 11th, 2014 in Headlines | Read More »

Galoc to remain in production beyond 2020

By
Screengrab from http://www.ottoenergy.com

Galoc, the country’s only operating oil field, is expected to remain in production beyond 2020 despite a slight adjustment in its reserves, according to operator Otto Energy Ltd.

Posted: March 10th, 2014 in Latest Business Stories | Read More »

Offshore oil field resumes production after ‘Yolanda’

By
palawan-map

The Galoc oil field is back in production following a brief shutdown after supertyphoon “Yolanda” passed through its area of operations off northeast Palawan, Otto Energy Ltd. said Monday.

Posted: November 11th, 2013 in Latest Business Stories | Read More »

Kuwait firm joins Galoc oil project

By

Kuwait Foreign Petroleum Exploration Co. (Kufpec), a subsidiary of Kuwait’s national oil company, has acquired a 26.8-percent working interest in the joint venture operating the Galoc oil field in offshore Palawan.

Posted: May 4th, 2013 in Editor's Pick,Headlines | Read More »

Otto bloc to drill 4 wells this year

By

Australian firm Otto Energy Ltd. and its partners are poised to drill four wells within the year, pushing their respective exploration and development activities in Leyte and the Palawan basin.

In a regulatory filing, Otto Energy said two subsea wells would be drilled at the Galoc oil field—part of the Phase II development by the joint venture controlling Service Contract 14C.

The consortium operating SC 55 off Palawan, led by BHP Billiton, is still targeting to drill an exploration well before the end of its current subphase in August, while the group that operates the SC 51 license in Leyte hopes to drill an exploration well by the third quarter this year.

According to Otto Energy, development drilling at the Galoc oil field is scheduled to start by June 2013, with the first oil expected in the fourth quarter of the year. The two planned subsea wells may increase production to more than 12,000 barrels of oil per day (bopd) from the current average of 4,750 bopd.

During the first quarter this year, total production from the Galoc oil field stood at 434,801 barrels at a daily average of 4,831 barrels.

The Galoc joint venture was able to ship its 30th cargo of 365,621 barrels last March to a South Korean refinery. The shipment was priced at $111.953 a barrel. Its 31st cargo has already been sold and scheduled for delivery late this month.

Also, the SC55 consortium, according to Otto Energy, is currently preparing for the drilling of the Cinco-1 exploration well.

Otto Energy said all critical permits have been obtained, with the exception of the Strategic Environmental Plan Clearance from the Provincial Council for Sustainable Development, which was submitted to the Palawan provincial board in August 2012.

The Palawan provincial board has requested SC 55 operator BHP Billiton to submit a comprehensive socioeconomic development program for Palawan prior to releasing an endorsement of the clearance.

The SC 55 consortium is composed of BHP Billiton, which holds a 60-percent interest; Otto Energy Ltd. with 33.18 percent, and Trans-Asia Oil and Energy Development Corp. with 6.82 percent.

Posted: April 30th, 2013 in Headlines | Read More »

Advertisement

News

  • Stories on carabaos, fish bag agri journalism awards
  • ‘RJ’ Bautista bail petition denied
  • Lawyer told Napoles to leave no paper trail
  • Cops dig up more about road assault suspect
  • Navy officer shot in face inside her car at Ft. Boni
  • Sports

  • Fun, entertainment usher in IPTL feast
  • Vietnam booters trip Azkals, take top spot
  • Alaska, SMB ditch separate foes
  • Asian junior chess under way; PH bets among faves
  • Best and worst of Manila greet Murray
  • Lifestyle

  • The ABCs of the AEC
  • ADMU, UST enjoy victory in UAAP volleyball opening games
  • Not your usual carolers
  • ‘Chicago’ all set for Dec. 3 opening; local musicians to play in orchestra
  • Class cat
  • Entertainment

  • Readers weigh in with favorable comments, acerbic reactions
  • Record-setting ‘teleserye’ ends on a (happy) high
  • Implausibilities throw Kim-Xian starrer out of whack
  • Standout discoveries on TV singing tilt
  • Steve Carell vows not to ‘play it safe anymore’
  • Business

  • UK firm cites SC ruling on DAP
  • Filinvest Premiere launches Fortune Hill showroom
  • Second tower of Makati’s premium residential enclave
  • SHDA: Mass housing key to beating housing backlog
  • Senate bill makes headway to help Filipinos with rare diseases
  • Technology

  • IBM, FUSE, donate ‘Kidsmart’ computers to Leyte, Sorsogon schools
  • Website promoting illicit affairs launched in PH
  • Globe website hacked due to ‘poor internet connection service’
  • DOJ asked to probe phone, Internet use at penitentiary
  • Ride-sharing app Tripda arrives in PH
  • Opinion

  • Editorial Cartooon, November 29, 2014
  • Disastrous for the economy
  • Ting Paterno, economist
  • Social Progress Index
  • ‘Storm swords’ and politics of the Platters
  • Global Nation

  • China urged to respect PH justice system
  • DNA samples in Laude case do not match Pemberton’s
  • Judge orders release of accused in Sipadan kidnapping case
  • Indonesian, 2 Filipinos convicted in 2002 bombing
  • Fil-Am elected mayor; another named to top judicial post
  • Marketplace
    Advertisement