Philippine Galoc oilfield beats 2010 goal before halt

MANILA, Oct 26 (BestGrowthStock) – Output at the Philippines’ Galoc
oilfield reached around 2.4 million barrels this year before a
typhoon halted production, exceeding the 2010 target of 2.24
million barrels, the field operator said on Tuesday.

Galoc Production Company (GPC) said the Floating Production
Storage and Offloading (FPSO) facility owned and operated by
Rubicon Offshore International had to be disconnected from the
oilfield’s production system due to Typhoon Megi last week.

Megi struck the northern Philippines, killing at least 31
people and destroying crops, including rice and corn.

A support vessel and equipment were expected to arrive in
the field next week “to ascertain what damage has occurred to
the mooring and riser system and then undertake repairs that
may be necessary,” GPC said in a statement on Tuesday.

“It is expected that it will take several weeks at least to
recommence production,” it said. “There are currently 248,000
bbls of crude oil in the FPSO tanks with the next offload
scheduled for mid-November,” GPC said.

Galoc, which started producing crude oil in October 2008 to
become the first major field since the 1990s to come onstream
in the underexplored Philippines, has suffered regular
disruptions. some of them triggered by bad weather.

GPC is the operator of the field with a 59.84 percent
interest. The remainder is split between Nido Petroleum
(NDO.AX: ), which has 22.28 percent, and several Philippine
partners, including the Philodrill Corp (OV.PS: ).

European trader Vitol [VITOLV.UL] has a 68.6 percent stake
in GPC and Australian oil firm Otto Energy (OEL.AX: ) holds 31.4
(Reporting by Erik dela Cruz; Editing by John Mair)

Philippine Galoc oilfield beats 2010 goal before halt