MANILA – Otto Energy said Tuesday that it has approved the second development phase for the Galoc oil field in western Philippines.
This will increase total output from the field to more than 12,000 barrels a day by the second half of 2013 from 5,600 barrels a day currently.
The second development phase, which has the support of Otto's joint venture partners, will have a project cost of $188 million, with Otto funding $62 million based on its 33% working interest, the company said in a statement.
The development will require the drilling of two subsea wells, tied to the existing floating production, storage and offloading facility, the company said.
Copyright (c) 2012 Dow Jones & Company, Inc.
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