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).
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