Galoc JV to Decide on Drilling in Phillipines' SC14C in End 2014/Early 2015
Otto Energy Ltd (Otto) provided Thursday an update on operations and further exploration, appraisal and development studies at the Galoc oil field in Service Contract 14C in the North West Palawan Basin, offshore Philippines.
Production Performance
Since the start-up of Phase II in December 2013, production has exceeded over 2 million barrels, with seven cargoes delivered into South East Asian refineries. Production has been in-line with or exceeded the production profile based on the 2P reserves expectations outlined in March 2014.
Otto expects a further three cargoes will be delivered in 2H 2014. A total of 10 cargoes will be delivered for the full year.
Further Exploration, Appraisal and Development Studies
In early 2014, Otto commenced a series of activities to incorporate Phase II drilling results into a detailed analysis of the field, which has resulted in a clearer understanding of the structure and reservoir distribution between the Galoc Central Field Area (where current production wells are located) and the Galoc Mid and Galoc North Areas. Further studies will be completed by 4Q 2014.
Before the end of 2014 or in early 2015, a recommendation is anticipated regarding further activities to unlock the upside potential of the Galoc Mid Field Area and/or to undertake additional drilling and infill activities to complement existing production at the Central Field Area.
CEO Comment
Otto's CEO, Matthew Allen, said: "Galoc is a key asset for Otto and has continued to deliver excellent production performance and uptime during 2014. The potential to significantly add to the current Central Field Area 2P reserves from the Galoc Mid and North Areas, as well as additional incremental volumes from further Central Field Area infill drilling, is very exciting and we look forward to completing the current round of studies and moving into further development activities at this high-value producing field.”
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- USA Driving Activity to Increase to All-Time Highs
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension