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 A Success for the Philippines???

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hazel
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PostSubject: A Success for the Philippines???   Thu Jul 23, 2009 1:26 pm

Philippines Galoc Field Development – First Oil


(Taguig
City, Philippines) In a joint press statement, Energy Secretary Angelo
T. Reyes and Jeff Davison, Chief Operating Officer (COO) of Galoc
Production Company (GPC) announced Galoc Field has commenced production
of oil on 9 October 2008. The first well was opened at 10.45am and oil
was onboard at 11.20am. “We embrace this significant development as
this will help immensely in our pursuit to be energy self-sufficient.
We are expecting to get 20,000 barrels a day in the first 90 days of
commercial production. That will provide for 6% of the daily oil demand
of the country. We are on the right track in utilizing our indigenous
sources,” Sec. Reyes said in a statement. “Opening the country for more
investment opportunities such as this one will eventually benefit
everyone. In a time of uncertainties in oil prices, this will benefit
the country and make us less reliant on imported crude oil and save
millions of dollars in importation cost,” he concluded. Jeff Davison,
COO of GPC, on the other hand, stated that “development of any offshore
field presents a unique set of challenges – a small field like Galoc in
a remote location particularly so. The GPC team has invested 3 years of
committed and concerted effort to bring the Galoc Field into
production. Achievement of this milestone is a credit to the Department
of Energy which has worked relentlessly to promote oil and gas activity
in the Philippines, our joint venture partners and our key contractors.
It is a momentous day for us all.”
Both Sec. Reyes and Mr. Davison
expressed deep satisfaction over the success of achieving oil
production from the Galoc Field. Once production has stabilized
following flow testing which will be undertaken over the coming weeks,
production is expected to reach about 20,000bopd from the 2 wells with
an average of about 17,000bopd over the remainder of 2008. The reserves
estimate in Galoc is approximately 10 million barrels based on an
assessment in 2006 for a 2 well development. Assessment of the ultimate
potential with a view to further development will be undertaken during
the initial 6 months of production. The Galoc Field was discovered in
1981 with further appraisal undertaken in 1988. The field was not
developed at that time due to the combination of risks associated with
the reservoir and low oil price. Since then advancements in technology
have both improved the capability of defining the reservoir and
resulted in the need for fewer wells to access the reserves than
previously necessary. This has been successfully achieved with the
recently drilled horizontal development wells Galoc-3 and Galoc-4.
Presently production is from the first well with the second well due to
come on-line shortly.


The current development was initiated
in mid 2005 when Galoc Production Company WLL (GPC) farmed in to the
existing Service Contract SC14-C Galoc Sub-Block. Since that time GPC,
which is jointly owned by a subsidiary of the Vitol Group and Otto
Energy Limited, has worked in conjunction with its joint venture
partners; Nido Petroleum Pty Ltd, Oriental Petroleum and Minerals
Corporation, The Philodrill Corporation, Forum Energy Philippines
Corporation, Alcorn Gold Resources Corporation and PetroEnergy
Resources Corporation to rapidly appraise and bring the Galoc Field
into production. Progress has been dependent on availability of the
necessary drilling rig, completion of the FPSO, and most recently
several typhoons affecting conditions at the offshore field.
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PostSubject: Re: A Success for the Philippines???   Tue Jul 28, 2009 10:10 pm

s5 s5 ano yan d q alm ang gnyan a7
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