The joint venture operating the Galoc oil field off Palawan plans to drill three additional wells under the second phase of its development.
The three wells are expected to add 10 million barrels to its reserves.
The Phase II development of Galoc is aimed at extending the life of the field, which is covered by Service Contract 14C. The Galoc oil field started operations in October 2008, recently producing its eight millionth barrel of oil and delivering its 23rd cargo to date. Based on latest estimates, current reserves at the field stood at 15 million barrels.
“The Galoc joint venture supports the planning for the Phase II development of the field, involving the drilling of one to three additional wells, targeting three million to 10 million barrels of additional reserves,” said field operator Galoc Production Co. (GPC).
In a statement, GPC said the joint venture had already started the Front End Engineering and Design (FEED) work in the oil field.
The FEED work—to be undertaken prior to the final project approval or the final investment decision, which is expected by mid-2012—will determine the exact locations and number of additional wells to be drilled. Drilling is likely to take place in 2013.
“The scope of FEED work includes subsurface modeling of the reservoir, drilling and completion design, subsea engineering and tie-back design for the new wells and joint venture financing considerations,” GPC said.
The work will be primarily undertaken in Perth with support from the Manila-based GPC personnel, it added.
In addition to the FEED work, the Galoc joint venture has likewise approved the acquisition of 184 square kilometers of new 3D seismic data covering the Galoc field and adjacent Galoc North exploration prospect.—Amy R. Remo