The Galoc oil field holds the distinction of being the first oil field to start pumping oil after the Philippines decided to revitalize its oil industry by offering up exploration contracts for bidding.
Recently, the people behind SC 14, that own the rights to drill oil from the Galoc Oil field, announced that they are preparing to commence the second phase of drilling. With this they are hoping to increase the capacity of the field to 5 million barrels of oil. This will be done by drilling two wells that is expected to produce 4000 barrels per day and add to the current 11,500 barrels per day production rate of the field.
SC 14 is jointly owned by Galoc Production Corp (58.29 %); Nido Petroleum (22.8%); Oriental Petroleum and Minerals Corp.(7.57%); The Philodrill Corp.(7.03%), UK firm Forum Energy Philippines Corp.(2.27%); Alcorn Gold Resources Corp.(1.53%); and PetroEnergy Resources Corp.(1.03%).
The Galoc field is estimated to have about 10 million barrels of oil but Singapore’s Gaffney & Cline Associates say that it could contain over 49 million barrels worth.
Ever since the announcement of oil being extracted at SC 14, this blog has tried to keep tabs on the state of oil production in the Philippines so as to see how it will affect the emerging biofuel industry in the country.
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Category: Oil, Oil Price
