Philippines' Galoc Phase 3 Oil Field Development Plan for Start-up in 2019

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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
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.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Farstad Shipping Sells AHTS Lady Sandr... (Sep 27)
 -  Real Energy Prepares for Tamarama-1 We... (Sep 27)
 -  Trelleborg Appoints Unique Group as it... (Sep 27)
 -  Neptune Marine Services Bags Quadrant'... (Sep 27)
 -  Richard Dyson Appointed New CEO of IO ... (Sep 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
Engineer II, Production
Expertise: Production Engineering
Location: Pittsburgh, PA
 
United States Zanesville: Principal Drilling Fluids Engineer
Expertise: Drilling Engineering
Location: Zanesville, OH
 
Senior Reservoir Engineer Job
Expertise: Reservoir Engineering
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $45.97/BBL 2.91%
Light Crude Oil : $44.67/BBL 2.74%
Natural Gas : $3/MMBtu 0.33%
Updated in last 24 hours