Thursday, October 9, 2008

Oil found in Palawan

The offshore Galoc oilfield in the province of Palawan commenced production on Thursday, extracting "light medium crude" from the oilfield at 10:45 a.m., the government said.

"We are expecting to get 20,000 barrels a day in the first 90 days of commercial production," the Department of Energy said in a statement. "That will provide for six percent of the daily oil demand of the country."

It said the oilfield is expected to produce up to 10 million to 20 million barrels of oil.

Shareholder Nido Petroleum earlier said the offshore Galoc oilfield is expected to produce about 17,500 barrels per day (bpd) of light, high-sulphur crude once it comes on stream. Galoc was to start production in mid-September but this has been pushed back because of bad weather, according to the operator, Galoc Production Company.

Galoc Production Company, comprising of European trader Vitol with a 68.62 percent stake and Otto Energy with the remaining 31.38 percent, operates the field with a 58.29 percent interest.

The remaining 41.71 percent is split between Nido Petroleum, with a 22.28 percent

as of 10/09/2008 1:30 PM (

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