Galoc sells first oil from field off the Philippines
Galoc Production, operator for Galoc oil field off the Philippines, has sold its first cargo of 300,000 bbl of oil from its development in the Palawan basin to local refiner Petron.
MELBOURNE, Oct. 30 -- Galoc Production Co. (GPC), operator for Galoc oil field off the Philippines, has sold its first cargo of 300,000 bbl of crude oil from its new development in the Palawan basin to local refiner Petron Corp.
Offtake is scheduled for Nov. 7 from the Rubicon Intrepid, the field's floating production, storage, and offloading vessel. The oil is bound for Petron's 180,000 b/d refinery at Limay, Batan, just outside Manila. Petron supplies about 40% of the country's total fuel requirements.
Production from Galoc field began in early October and has been flowing at an average 15,000 b/d.
GPC has a 58.29% interest in Galoc field, with Nido Petroleum Ltd., Perth, holding 22.8%. Fellow Perth company, Otto Energy Ltd., has an 18.28% indirect interest through its 31.38% stake in GPC. Other partners in the field include Oriental Petroleum, Alcorn Gold Resources, Forum Energy, PetroEnergy Resources, and Philodrill.