October 17, 2013

Galoc consortium strikes oil in new well off Palawan

Interaksyon reported that Otto Energy Limited disclosed that the recently drilled well in the petroleum block flowed oil to surface vessels at a rate of 6,300 barrels per day during production tests.

The Galoc consortium expects the new well to produce between 8,000 and 12,000 barrels per day under normal field operating conditions. Otto Energy is the operator of the field.

Its partners are Galoc Production Company 2 Pte, Nido Petroleum Limited, Oriental Petroleum and Minerals Corporation and Linapacan Oil Gas and Power Corporation, The Philodrill Corporation and Forum Energy Philippines Corporation. - WealthSec