BusinessWorld Online is reporting that production has resumed at Galoc field in northwest Palawan. Operations were suspended in June due to bad weather.
The Galoc oil field is estimated to contain 10 million barrels of oil, and produces between 12,000 and 14,000 barrels per day. Crude oil from Galoc is expected to generate foreign exchange savings for the country worth over a billion dollars during its lifetime. The oil field’s production is 6% of the country’s total demand of 300,000 barrels.
Vitol has a 68.6 percent stake in GPC along with Otto Energy with 31.4 percent.
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