Otto Reaches Production Milestone at Galoc
|Monday, March 09, 2009
Otto Energy announced that the Galoc Field has produced its first million barrels of oil.
Otto's Chief Executive Officer, Alex Parks said today "Whilst the first one million barrels of crude produced from the Galoc Field is a significant milestone to be recognized, we are still only at the beginning of the field life. The technical data being gathered during this initial production period is providing insights into the reservoir that will determine the management and further development of the field in the future."
Parks went on to say "I must thank the Philippines Department of Energy, the Galoc Production Company, our other Joint Venture partners and the operator of the leased FPSO, Rubicon Offshore International, for their co‐operation and contributions in realizing this milestone, and look forward to many more."
Otto holds a 31.38% shareholding in Galoc Production Company (GPC) which has a 58.29% working interest in the Galoc license, and is the field operator. Galoc is located in Service Contract (SC) 14C off the west coast of Palawan in the Philippines.
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