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GALOC Production Co. W.L.L. (GPC) pushed back production of oil from
the Galoc field in offshore Palawan to June from an earlier April
schedule.
In a statement, GPC, which holds the majority
stake in and operates the said field, blamed the delay on the
longer-than-expected pre-commissioning of the floating production,
storage and offloading system.
The platform, which will siphon oil from the
Galoc field, arrived only last Sunday.
“The current forecast is for favorable weather
that should allow the hook-up operation to be undertaken over the
coming week,” the company said.
The vessel will take three weeks to install and
commence with oil production.
The Galoc field is located in Petroleum Service
Contract 14-C offshore Northwest Palawan. Initial studies on the
block estimate it to contain 10 million barrels of oil.
This is expected to boost the country’s
monthly oil production to less than half a million barrels from the
present 17,000 barrels per month.
However, oil from the field may be earmarked for
export, as earlier studies showed the likely output to be “light
sweet crude,” with a 35 American Petroleum Institute (API)
gravity.
GPC has a 58.29-percent share in the consortium,
followed by Nido Petroleum Ltd. with a 22.28-percent share, and
other local upstream oil companies.
-- Euan Paulo C. Añonuevo
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