Otto Energy announced that over 6.92 million barrels of oil had been extracted from the Galoc Oil Well as of March of this year from the 10 million barrels of estimated reserves the oil field contains. That is roughly 70% of the estimated extractable oil from the said field.
Read the rest of this entry »
Petron announced recently that they will start selling their “Petron Pinoy Gasoline” which seeks to offer cheaper gasoline for public utility vehicles, small boats and farm equipment. It is priced P3 cheaper price compared to the usual gasoline that they sell at the pumps. According to Petron, it is their response to the request of the transport groups and other sectors for cheaper priced gasoline.
Read the rest of this entry »
Otto Energy Ltd, and Australian oil exploration firm announced that they had started oil exploration in Service Contract (SC) 69 that they won from the Department of Energy last May 2008. SC69 is located in the Central Visayas inbetween Cebu, Bohol and Leyte and covers and area of 7,040 sq. kilometers.
Read the rest of this entry »
Forum Energy, who owns the service contract (SC 72) of the disputed Oil Rich Reed Bank has allotted $3M for exploring the oil resource in the said area. Forum Energy has 70% ownership of SC 72, while Philex Mining in 2008 acquired 65% ownership of Forum Energy.
Exploration stage is projected to last seven years that will be broken down into 4 phases.
Read the rest of this entry »
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.
Read the rest of this entry »
Philippine Independent Oil Player announced that they are looking to expand and diversify their business in 2010 by going into the alternative energy while promoting the use of biofuels and energy independence for the Philippines. Alternative Energy in the form of solar, wind, compressed natural gas (CNG), biomass, etc.
The funds for this ambitious project will be P500 million and will be sourced internally, by the infusion of new capital, from profits and depreciation.
Read the rest of this entry »
