Nido Petroleum Ltd. provided Wednesday an update on the contingent resources estimates for the Galoc oil field, comprising the producing Central Field Area (CFA) and the undrilled northern extension Galoc Mid Area (GMA) in Block C1 of Service Contract 14 (SC 14C1), located north west Palawan basin, offshore the Philippines.
Results of the independent assessment, undertaken by ODIN Reservoir Consultants Pty Ltd., was released Aug. 1. The Contingent Resources estimated by ODIN for the Galoc oil field were: 1C - 5.9 million stock tank barrels (MMstb); 2C - 13.3 MMstb and 3C - 24.5 MMstb.
In a related development, the SC 14C1 joint venture is now considering drilling the Galoc-7 appraisal well to appraise the GMA, which is being considered as a potential Phase III development project using conventional horizontal drilling and subsea completion technology.
Nido said the preliminary development plans for the GMA, subject to drilling success of Galoc-7, are based on the drilling of two horizontal, subsea development wells tied back to the Galoc Field Floating Production Storage and Offloading (FPSO) facilities with oil production to commence in 2019. The development plan has not been submitted to the authorities for approval.
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