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THE operator of the Galoc field in offshore Palawan has completed
the first of two production wells lined up for the oil bloc.
In a disclosure to the Philippine Stock
Exchange, Philodrill Corp. said that Galoc Production Co. WLL (GPC)
has finished the construction of the Galoc 3 development well in the
said oil field.
Philodrill, which holds a minority stake in the
project, said the well has been flowed to the Galoc’s drill rig
confirming its integrity and ability to flow to the floating
production, storage and offloading unit that will store oil siphoned
from the field.
The other well being drilled in the oil field,
the Galoc 4 well, is expected to be completed before the field
starts production within the first quarter of the year.
The company said that the flow data from the
initial tests on the Galoc 3 well is consistent with the anticipated
well performance of GPC’s mean reserve estimate for the Galoc
field of 10 million barrels of oil.
The said findings are still subject to further
tests scheduled for late April after the field produces its first
oil.
The Galoc oil field is expected to boost the
country’s monthly oil production to less than half a million
barrels from the present 17,000 barrels a month.
The project is run by GPC, which holds a
58.29-percent participating interest, together with its consortium
partners Nido Petroleum Ltd, Philodrill, Oriental Petroleum, Forum
Energy Philippines Corp., Alcorn Gold Resources Corp. and Petro
Energy Resources Corp. with a 22.28- percent, 7.02-percent,
7.58-percent, 2.27-percent, 1.53-percent and 1.03- percent stakes,
respectively.
Besides the Galoc project, Philodrill has
interests in service contracts in other offshore areas of Palawan,
South Sulu Sea and onshore Mindoro. The company also maintains
investments in property development, mining, infrastructure and
financial services.
Philodrill’s shares closed higher Thursday at
P0.029 from P0.026 previously.
-- Euan Paulo C. Añonuevo
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