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.
Showing posts with label Galoc. Show all posts
Showing posts with label Galoc. Show all posts
Thursday, August 13, 2009
Thursday, July 2, 2009
Update on Galoc Oil Field
Production at the Galoc oil field in the Philippines was delayed due to technical problems following the halt in production last week because of adverse weather. UPI and BusinessWorld covered Vitol’s decision to delay production.
Tuesday, June 23, 2009
Galoc Considers Increasing Production
According to Reuters, Galoc Production Co (GPC) is considering increasing production of the Galoc oilfield offshore of the Philippines. Currently, Galoc produces between 12,000 and 14,000 barrels per day from two subsea wells.
Vitol has a 68.6 percent stake in GPC along with Otto Energy with 31.4 percent.
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