Partners Nearer to Further Development of Galoc Oil Field Offshore Palawan
Nido Petroleum Ltd. (Nido or the Company) provided Tuesday the results of an independent contingent resources assessment of the mid-Galoc area of the Galoc oil field in Service Contract (SC) 14, located offshore Palawan, Philippines as at June 30, undertaken by Gaffney Cline and Associates (GCA).
Details of Mid-Galoc Contingent Resources Assessment
GCA has completed its Independent Reserves and Resources assessment on the mid-Galoc area of the Galoc oil field in accordance with the SPE/WPC/AAPG/SPEE Petroleum Resource System (SPE PRMS) Definitions and Guidelines and the ASX Listing Rules including Listing Rules 5.25 to 5.44 where applicable.
The tables and information below summarize the Reserves and Resources for the mid-Galoc area of field as at June 30 in accordance with these Requirements.
Technical Review
The mid-Galoc oil accumulation is a northerly extension of the Galoc Field, located in Block C1 of Service Contract 14 (SC 14C1) in the NW Palawan basin, offshore Philippines and operated on behalf of the SC 14C1 Joint Venture by Galoc Production Company (GPC). The mid-Galoc area is being considered as a potential development project using horizontal drilling and subsea completion technology.
The Operator, GPC, has recently completed an extensive technical review of the existing geological and production data from the Galoc field incorporating the mid-Galoc area, resulting in new, integrated static and dynamic reservoir models which have underpinned the resource assessment undertaken by GCA.
Contingent Resources
The preliminary development plans for mid-Galoc are based on drilling two horizontal, subsea development wells tied back to the Galoc Field Floating Production Storage and Offloading (FPSO) facilities. Crude oil sales will be by ship-to-ship transfer from the FPSO to a shuttle tanker. The development plan is still being optimized, and has not yet been submitted to the Philippine authorities for approval.
As part of its resource assessment work, GCA reviewed various data, interpretations and models provided by GPC and conducted its own analyses of these data sets and models, amending them where necessary. The assessment conducted by GCA, in arriving at its oil in-place estimates, comprised geophysical analyses, a review of depth conversions and seismic attribute analyses, review and update of the geological model, petrophysical analyses and a review of fluid contacts.
123
View Full Article
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.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Subsea7 Secures Contract to Service Woodside's Trion
- These Factors Helped Brent Oil Price Break Above $85
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- Gaz System to Acquire Gas Storage Poland
- 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
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- 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