Tuesday, 10 March 2009

Philippines' Galoc oil production reaches 1-M barrels

MYRNA M. VELASCO
Manila Bulletin
http://www.mb.com.ph/node/198331

Against the backdrop of skidding global oil prices, the country’s Galoc oil field hit its 1.0 million barrels level of production yesterday, with next shipments already scheduled for buyers overseas.

"The next offloading is scheduled for mid-March with the sale to an existing purchaser based in Asia and sale of the subsequent cargo is also well advanced," project operator Galoc Production Company (GPC) said in a statement to the media.

The company added that production from the field has been steady since its re-commencement of operations last February 25, "with the benefit of increased flush production realized as expected."

From re-starting production, the Galoc field has been producing ‘Palawan Light oil’ at a rate of 16,000 barrels of oil per day; but is expected to stabilize to the level of 12,000 to 14,000 bopd in the coming weeks.

Department of Energy Undersecretary Ramon Oca explained that when gas fields re-commence production, the pressure is generally more intense, hence the level of oil that can be extracted are normally ramped up.

GPC said the enhancements undertaken with the FPSO’s (floating production storage and offloading unit) mooring have performed well as expected.

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