• Aussie firm Otto Energy flows oil offPalawan


    Australian offshore driller Otto Energy has drawn oil from its well in the Palawan Basin.
    The company’s Galoc-5H well was flowing oil at the rate of 6,300 barrels per day, Otto Energy reported in a disclosure to the Australian stock exchange.

    It said the results from the flow test boost the forecast overall field production rate of 12,000 barrels of oil per day (bopd) to be delivered once Phase II is brought in to production in late November.
    The Galoc field is in 290 metres of water approximately 65 kilometers northwest of Palawan and 350 km south of Manila.
    Galoc Field has delivered over 10 MMbbls of oil since drilling began in 2008. Drilling is expected to take approximately 115 days including the flowing of the
    wells for clean-up.
    The company will now test the Galoc-6H well.
    Phase II of the Galoc oil field is expected to more than double production to 12,000 bopd and ensure the field will remain in production beyond 2020.
    Otto has a 33 percent operating stake in the Galoc field, while partner Australian Nido Petroleum holds 22.88 percent.

    The other parties involved in the project are Kuwait Foreign Petroleum Exploration Company (26.84 percent), Oil Gas & Power Corporation 7.79 percent, The Philodrill Corporation (7.21 percent) and the Forum Energy Philippines Corporation (2.28 percent}.




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    1 Comment

    1. Here is another exploitation of Philippine mineral resources by foreigners. When are we ever going to learn.