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Galoc oil field to resume production this month means BUSINESS

MANILA, Philippines – The country’s biggest oil field to date will resume production this month, according to a Department of Energy (DOE) official.

Ramon Oca, DOE assistant secretary, said Galoc Production Co. (GPC), which operates the Galoc petroleum block, will restart operations "hopefully by the end of this month."

He said the company is still completing installation works on the field's floating, production, storage and offloading (FPSO) vessel.

The FPSO acts as a mobile oil platform to the Galoc field’s two production wells.

GPC temporarily shut down the Galoc field's operations late last year to make way for upgrades to the FPSO in Singapore.

Oca said the upgrade will allow for "smoother operations" in the oil field.

Located in offshore Northwest Palawan, the Galoc oil field's two production wells are projected to continue churning out oil between 2014 and 2018.

Since start of production in October 2008, Galoc has produced 8.46 million barrels of crude.

GPC controls 59.84 percent of the oil field while its consortium members have the following stakes: Nido Petroleum Ltd., 22.87 percent; Oriental Petroleum and Minerals and Linapacan Oil Gas & Power Corp., 7.79 percent; The Philodrill Corp., 7.21 percent; and Forum Energy Philippines Corp., 2.28 percent.

The Galoc consortium earlier bared plans to drill additional wells to increase production reserves by five million barrels.