Screengrab from https://www.ottoenergy.com
MANILA, Philippines–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.
In its annual update of Galoc reserves, Otto reported slightly lower 1p reserves to 21.51 million barrels (January 2014 review) from 21.7 million barrels (January 2013 review). It also adjusted the 2P reserves estimate to 25.06 million barrels (January 2014) from 25.40 million barrels (January 2013). 1P and 2P refer to oil reserves with a 90 percent and 50 percent chance, respectively, of recovery,
Otto said the adjustments were “caused by a mixture of technical and economic factors.” Otto said this includes oil prices. Further details are unavailable as of this writing.
The Australian company said that based on the Galoc Phase I and Phase II well configuration, Service Contract 14-C (Galoc sub-block) is still expected to remain in production beyond 2020.