Saturday, 4 April 2009

Philippines' Galoc field to ship another 300,000 barrels to Japan

Alena Mae S. Flores
Manila Standard

Galoc Production Co. will ship another 300,000 barrels of Palawan Light crude to Japan next week, a company source said.

Galoc Production, a consortium of local and foreign oil and gas companies, operates the Galoc oil field in offshore northwest Palawan.

Galoc Production earlier sold 400,000 barrels of Palawan Light to South Korea, 300,000 barrels to Thailand, an undetermined volume to Japan and 300,000 barrels to local refiner Petron Corp.

“We got an advice that the target date of delivery to Japan is late next week. There is also the possibility that shipment to Japan will be increased,” the source said.

Last month, Galoc Production announced that it reached a milestone after producing 1 million barrels of oil from the field since October last year.

The Galoc field has been producing steadily, even exceeding pre-shut-in levels of over 16,000 barrels per day.

Production at the field is expected to gradually go down to 13,000 to 14,000 barrels a day.

The Galoc field is located in service contract 14-C in 290 meters of water, approximately 65 kilometers northwest of Palawan.

The field is estimated to contain 10 million barrels of recoverable oil reserves. Singapore’s Gaffney and Cline Associates, which conducted its own assessment, however, said the field could contain up to 49 million barrels.

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