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The Philodrill Corporation is pleased to announce
that steady state production from the Galoc Field
continues. The field has now produced a total of
4,463,640 barrels since it first produced on October
9, 2008. To-date, a total of thirteen shipments has
been completed involving approximately 4.25 million
barrels. Crude buyers included several foreign
firms, as well as the state-owned Petron
Corporation. The next offtake is scheduled for
mid-May 2010 for another Asian buyer.
Based on the production figures and gathered
subsurface data, the Galoc Field’s performance has
proved to be satisfactory and close to modeled
expectations despite the frequent and difficult
operational glitches that the field experienced
during its early months of operation. Field
operator Galoc Petroleum Company, pleased with the
satisfactory performance of the field, has already
embarked on various studies and activities leading
to a second phase of development for the Galoc
Field. A series of technical workshops among the
Joint Venture partners is ongoing in Manila,
Singapore and Perth, Australia to investigate and
agree on various sub-surface, commercial and
economic issues seen crucial to a further
development of the field. A final investment
decision on Galoc Phase 2 Development is expected to
be made by end-May 2010.
Activities on the other Philodrill petroleum blocks
are proceeding according to schedule. In Service
Contract 41, Tap Oil already completed their seismic
re-processing and inversion of the Alpine 3D data
set and are now in the thick of in-depth, basin-wide
evaluation of the Sulu Sea area. They have also
embarked on a farm-out campaign to attract potential
partners to facilitate further drilling, buoyed by
the news of a gas discovery in the adjacent block SC
56 operated by ExxonMobil. Meanwhile, Pitkin
Petroleum had wrapped up their seismic re-processing
program for the SC 14 - West Linapacan Block and is
now completing other requisite complementary studies
aimed at identifying potential drilling locations.
Likewise, their seismic acquisition program for the
SC 53 - Mindoro Block is progressing as planned.
Pitkin and its contractor BGP have already acquired
72% of the planned 200 line-kilometers of 2D seismic
since they started work in November last year.
Vitol GPC, on the other hand, is now finalizing the
results of the joint Octon-Galoc evaluation project
as part of its Phase 1 farm-in commitment into SC
6A. Their decision to proceed with the farm-in
Phase 2 depends on whether or not the Galoc
Consortium will proceed with Phase 2 of the Galoc
Project. Vitol GPC believes that the commercial
viability of the Octon Field development
necessitates a tie-back to the Galoc Field and now
that a Phase 2 development of Galoc is in the
offing, Philodrill may be looking at possible
development of its Octon discovery.
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