Australian firm Otto Energy Ltd. (Otto) plans to fully turn over its 33 percent interest in the Galoc oil field offshore Palawan to the new owner, Nido Petroleum Ltd.
In its quarterly report released on Monday, Otto Energy said it is only awaiting the green light from its shareholders to complete the sale of Galoc Production Co. (GPC) in the Galoc oil field.
Otto’s 33 percent working interest in the Galoc oil field amounting to $108 million was acquired by Nido Petroleum. From 22.88 percent, Nido’s interest in the field increased to 55.88 percent as a result of the acquisition.
“Subject to shareholder approval, (the company targets to) to complete the divestment of the Galoc Production Company WLL and its transition to Nido Petroleum Ltd.,” said Otto Energy in its 2015 outlook.
Galoc production averaged 6,703 barrels per day for the last quarter of 2014.