Project Profile
Value: US$217 million
Location: Palawan Province, Block C Service Contract 14 (SC14)
Water Depth: 290m to 400m
Contingent Resources: 1C - 5.9 million stock tank barrels (MMstb); 2C - 13.3 MMstb and 3C - 24.5 MMstb
Start-up year: 2019 (The Phase III development)
The Galoc Oil Field (Galoc) is located 60 km northwest of Palawan within the Department of Energy (DOE) Service Contract 14. Discovered by Cities Services in 1981, Galoc is the first oil discovery in sandstone reservoir in the Philippines. All other commercial production to date has been derived from limestone reservoirs. The Galoc oilfield lies in Service Contract SC14-C, in 290 metres of water, about 65 kilometres northwest of Palawan Island. Otto Energy-owned Galoc Production Company (GPC) operates the field with a 33% stake, with a second GPC arm holding another 26.84%. Nido holds 22.88% while the remaining stakes are held by Oriental Petroleum & Minerals Corporation and Linapacan Oil Gas & Power Corporation (7.79%), Philodrill (7.21%) and Forum Energy Philippines Corporation (2.28%).
The exploration proposal for development and multi-phase study assessing technical and economic viability will be in three phases: first phase will involve re-processing of 3D seismic data and detailed geological and geophysical studies; second phase will include engineering and production modelling of the field and third phase will start full development. The development could include a leased FPSO. The first production is expected within three and a half years from the beginning of the study. The field has estimated reserves of 50 million barrels of oil. The first phase of the field’s development will consist of two subsea horizontal wells connected to a floating production, storage and offloading vessel that will be capable of producing 25,000 barrels per day of oil and processing 50 million cubic feet per day of gas.
Phase two of the development is scheduled to begin early 2012.
Operators:
Nido Petroleum: Operator with 56% interest
Kuwait Foreign Petroleum Exploration (KUFPEC): 27% interest
Oriental Petroleum & Minerals Corporation and Linapacan Oil Gas & Power Corporation: 7.79% interest
Risco Energy: Operator with 33% interest
Philodrill: 7.21% interest
Forum Energy: 2.28% interest
Alcorn Gold Resources Corporation: 1.01% interest
Contractors:
Advanced Well Technologies (AWT): EPC - Subsea wells
Alcorn Production Philippines: Feasibility study
Diamond Offshore: Provide semi-submersible drilling rig for two development wells and a potential exploration probe
DOF Subsea: Install the equipment
Dril-Quip: Provide subsea wellheads and trees
Emas Offshore Construction and Production Pte Ltd. (EOCP): Installation of subsea facilities and floating production mooring system
Rubicon Offshore: Lease of FPSO
ODIN Reservoir Consultants Pty Ltd.: Provision of contingent resources estimate. (August, 2016)
Odfjell Drilling: Contract for ultra-deepwater drillship Deepsea Metro I. (January, 2017)