InterAksyon.com means BUSINESS
MANILA - Nido Petroleum Ltd. has secured a debt facility from Standard Bank Plc. to fund its share in the second development phase of the Galoc oil field.
In a disclosure to the Australian Securities Exchange Ltd., Nido said it signed a debt facility for up to $30 million under a three-year term with Standard Bank.
The company has a 22.88 percent interest in Galoc field located in offshore northwest Palawan.
The consortium running the field is scheduled to release its final investment decision on the project this year, with first oil from the proposed new wells anticipated in the second half of 2013.
Since the start of operations in 2008, Galoc has produced over nine million barrels of crude, which have been sold mostly to foreign refineries.
Based on its recent resource update, Galoc's proven reserves stood at 12.58 million barrels as of January 1, 2012, up 19.7 percent from the previous estimate of 10.51 million barrels in January 1, 2011.
Galoc Production Co., a unit of Australian firm Otto Energy Ltd. operates the oil field.
Besides Nido, other partners in Galoc are Oriental Petroleum and Minerals and Linapacan Oil Gas & Power Corp, The Philodrill Corp. and Forum Energy Philippines Corp.
InterAksyon.com means BUSINESS
'The Philippines has arrived', executive says as Rolls Royce appoints distributor in Manila
Who has accounts in offshore tax havens? Investigative journos post database online
