MANILA, Philippines—Australian firm Nido Petroleum Ltd. said it has completed a review of the Galoc north prospect for a possible phase 2 development of the Galoc oil field off Palawan, as the reserves in the current well nears depletion.
In a regulatory filing, Nido Petroleum said that following the completion of this internal review, the company now plans to review this work with the Galoc joint venture.
Under the initial Galoc phase 2 development options, the joint venture targets to increase reserves by 5 million barrels of oil with its plan to drill two new wells, which were estimated to yield about 4,000 barrels of oil per day. These wells may be drilled in the northern portion of the Galoc structure to boost production and access undeveloped reserves.
The Galoc joint venture, it added, also continued to assess proposals to further improve oil production, including the upgrading of the current mooring and riser system.
As of end-March, production at the Galoc oil field, covered by Service Contract 14C, reached 6.92 million barrels, already depleting close to 70 percent of its estimated reserves of 10 million barrels. The operator of the Galoc oil field has also managed to deliver a total of 20 shipments of the Palawan light crude to its refinery customers, since it began production in October 2008.