Monday, 15 June 2009

Galoc ships out 300,000 barrels to Korea’s GS Caltex

Alena Mae S. Flores
Manila Standard
http://www.manilastandardtoday.com/?page=business3_june15_2009

Galoc Production Co., operator of the Galoc oil field in offshore northwest Palawan, has sold 300,000 barrels of Palawan light crude to GS Caltex’s refinery in South Korea.

“There was cargo offloading last Monday intended for Korea and the buyer is Caltex,” an industry source said.

GS Caltex operates one of the world’s largest refineries in Yeosu, South Korea and has a large network of Caltex service stations. GS Caltex is a 50-50 joint venture between GS Group, a Korean conglomerate, and Caltex (now Chevron).

“The standard cargo per shipment is about 300,000 barrels and this is Galoc’s sixth shipment,” the source said.

The Galoc oil field currently produces around 12,000 to 14,000 barrels a day.

Galoc Production earlier shipped out crude to Korea, Japan, Thailand and Petron Corp., the Philippines’ largest oil refiner.

Galoc Production has either sold or contracted a total of two million barrels to several buyers, said Nido Petroleum deputy managing director Joanne Williams.

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