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galoc 4

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    4th Galoc well starts flowing oil
    By Abigail L. Ho
    Philippine Daily Inquirer
    First Posted 00:22:00 02/27/2008
    Days after a successful flow-test of the Galoc 3 offshore well in northwest Palawan, Service Contract 14C operator Galoc Production Co. WLL announced it had flowed the Galoc 4 well to a stabilized rate of 6,150 barrels per day.
    The company said that as with the Galoc 3 well, the Galoc 4 flow “confirms both well integrity and the ability to flow to the [floating production storage and offloading facility] prior to the departure of the oil rig.”
    The Galoc 4 flow was more than the 5,200-barrels-a-day stabilized flow rate for the Galoc 3, but was still in line with anticipated well performance associated with Galoc Production’s mean reserves estimate, undertaken in 2006, of 10 million barrels.
    The flow testing program will allow the Galoc field operator to have a clearer estimate of how much oil the wells can eventually produce.
    Confirmation of the well testing data would be the subject of full well tests to be conducted in late April, after the scheduled drawing of first oil between March 28 and April 18.
    Independent appraiser Gaffney, Cline and Associates had estimated the production rate at the Galoc field to reach as high as 23,000 barrels a day, on average, for the first year of production.
    Galoc Production owns 58.29 percent of SC 14, while Australia-based Nido Petroleum Ltd. owns 22.28 percent of it. Another Australian firm, Otto Energy Ltd., recently acquired an 18.28-percent interest in the project.
    Nido Petroleum chairman David Whitby expressed high hopes for the Galoc oil field, even describing the Galoc 4 well as “a well that everybody dreams of.”
    The company is allocating its share from the Galoc field to the development of other oil and gas prospects in areas covered by SC 54, 58 and 63.
    Whitby said the company would spend about $70 million this year on the development of these three contract areas. It would likewise be seeking partners to help defray the costs -- and the risks -- associated with exploration in these northwest Palawan offshore areas.


 
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