Nido Petroleum announced recently that their Galoc Oil Field off the coast of Palawan in the Philippines has already been able to produce 1.3 Million barrels of oil since it’s operation in October. 300k of which have been sold to Petron Corporation.
Galoc Oil field is said to have 10 Million barrels of oil from an 2006 assessment. The current report states however that it could hold up to 40 million barrels of oil. Oil from Galoc would be able to meet 10% of the Philippines internal demand for oil daily (at 30,000 barrels/day production).
Despite the huge drop in oil prices that had been occurring the consortium has been able to keep the cost of production down to $15/barrel.
The Galoc Production Company LLC, responsible for extracting the oil from the field, is jointly owned by the Vitol Group and Otto Energy Ltd. GPC’s, Oriental Petroleum and Minerals Corp., Philodrill Corp., Forum Energy Philippines Corp., Alcorn Gold Resources Corp. and PetroEnergy Resources Corp.
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Category: Oil, Galoc
