Galoc JV to Install Improved Mooring at FPSO
Otto has continued to focus on its Philippines-based portfolio of high quality exploration assets, complemented by oil production from the Galoc field.
- Galoc production during the quarter of 618,244 bbl gross of crude oil (116,106 bbl net to Otto), with 88% 12-month rolling uptime for the field
- Exercise of farm-in option by BHP Billiton in SC55 and Otto (through its wholly-owned subsidiary NorAsian Energy Ltd) lodgement of notice to enter drilling exploration sub-phase
- Completion of Duhat-1/1A exploration well drilling provides strong support for follow up in SC51
- Completion of 210 km2 high quality 3D seismic acquisition over Lampos and Lampos South prospects in SC69
- Galoc joint venture approval in July to install an improved mooring and riser system upgrade for FPSO Rubicon Intrepid, crucial to progressing Phase 2 field development
Since the start-up of production in October 2008, the Galoc oil field has produced a total of 7.54 million barrels of crude oil as of 30th June 2011, and delivered 22 offtakes to refinery customers. As at the end of the June 2011 quarter, the field was producing around 6,750 barrels of oil a day
Otto, through its shareholding in the field operator Galoc Production Company WLL (GPC), has commenced pre-planning activities for the further development of the Galoc field with a decision on Phase 2 due to be taken in early 2012.
Exploration and Development
Interpretation of the recently acquired 3D seismic from Service Contract 55, offshore Palawan, has matured the amplitude-supported Hawkeye prospect and a series of large Nido level carbonate prospects. The permit contains a significant number of high quality, large volume prospects that are being quickly matured for drilling by Otto and its partners. The JV has recently elected to enter the next permit sub-phase which requires a commitment well to be drilled prior to August 2012.
The Board is currently finalizing negotiations for the appointment of a new CEO and will advise the market accordingly once completed.
- Philippines DOE Grants Moratorium on Palawan Basin's SC55 Work Program (Jun 17)
- Otto Launches Legal Action Against Swala Over Tanzania's Pangani License (May 13)
- Otto Energy Updates on Drilling at SM-71 #1 Discovery in the Gulf of Mexico (Apr 27)