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MANILA - An independent study commissioned by the operator of the Galoc field in offshore Northwest Palawan showed that the Philippines' only oil-producing bloc could last another five years.
Otto Energy Ltd. said in a report that the Galoc oil field is expected to remain in production until approximately 2016 to 2018 based on a review conducted by consulting firm RISC.
Otto Energy's wholly-owned unit Galoc Production Co. WLL, which operates the oil field, tapped RISC to undertake the study.
Based on the Galoc field's resource update, proven reserves as of January 1 this year reached 12.58 million barrels, up 19.7 percent from 10.51 million as of January 1, 2011.
Proven and probable reserves increased 3.5 percent to 19.75 million barrels from the earlier estimate of 19.23 million.
"Reported increases in reserves are attributable to better than expected reservoir performance to date and an extension of field life due to higher prevailing oil prices," Otto Energy said.
Since start of production in October 2008, Galoc has churned out 8.46 million barrels of crude.
GPC controls 59.84 percent of the oil field while its consortium members have the following shareholdings: 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 consortium earlier bared plans to drill more wells in the oil field, adding to the existing two wells and increasing production by five million barrels. The decision for the additional wells is expected to come out by the middle of the year.
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