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By Euan Paulo C. Añonuevo, Reporter
After several delays, oil production from the
Galoc field is expected to kick off this week, said officials from
the Energy department and the consortium running project.
“We are cautiously optimistic and as you know
they are very careful about the technical aspect so that oil can be
drawn smoothly from the field. Hopefully, we can do it this week,”
Ramon Oca, energy acting-undersecretary, said.
Oca said weather conditions, however, will
determine whether development activities in the field can proceed
smoothly.
The Galoc field located in offshore
Northwest Palawan is the first oil development project to be
undertaken in the country in over a decade and is projected to
contain proven reserves of up to 14 million to 16 million barrels.
It is run by a consortium led by Galoc
Production Co. (GPC), which holds a 32-percent interest. Other
consortium members are Australian firm Nido Petroleum Ltd. with a
22.28-percent stake; Philodrill Corp., 7.02 percent; Oriental
Petroleum & Minerals Corp., 7.58 percent; Linapacan Oil Gas
& Power Corp., 7.58 percent; Forum Energy Philippines Corp.,
2.27 percent; Alcorn Gold Resources Corp., 1.53 percent; and
PetroEnergy Resources Corp., 1.03 percent.
The field was originally scheduled for oil
production in April but mechanical problems coupled with weather
disturbances subsequently pushed this to July.
The most recent delay was caused by Typhoon
Frank, which hit the country two weeks ago, damaging equipment at
the field.
Kay Palma, GPC country manager, said that
although Typhoon Frank set back oil production from the field,
Galoc’s production vessel is now undergoing reconnection
activities to its two oil wells.
“The reconnection process, however, is a
delicate operation and first oil is dependent on the progress of
this activity,” she said.
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