Unocal Makes Offer to Farm-In To Galoc Field

Nido Petroleum and Alcorn Gold Resources have received an offer from Unocal to farm-in to the Galoc discovery located offshore Palawan, 16 miles north-northeast of West Linapacan.

Unocal has offered to pay 100% of the cost in three phases separated by exit points to earn 75% participating-interest in the block. Phase 1 is reprocessing of 3D seismic data that includes the payment of US $4 million licensing fees. Phase 2 is reservoir/production modeling. Phase 3 is full field development and production.

A production bonus of US $1.5 million will be paid to the Filipino group upon the start of production and another US $1.5 million when oil production has accumulated 35 million barrels of oil. The consortium partners await the final draft of the contract for signing.


Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours