nido and matinloc production blocks

source: www.philodrill.com


Service Contract No. 14 (Nido and Matinloc Production Blocks)


Production and Operations Review


3rd Quarter 2005 Crude Oil Production Summary
(in barrels)



Nido
Matinloc
Total

July
0
9,449
9,449

August
13,934
1,978
15,912

September
0
5,214
5,214

Total 13,934
16,641
30,575





The consortium completed two (2) crude shipments to Pilipinas Shell during the 3rd quarter of the year, involving a total combined volume of 25,284 barrels of Nido and Matinloc crude. As of September 30, 2005, about 20,910 barrels of combined Matinloc and Nido crude from the last shipment remained onboard the storage vessel.


The decrease in total production, from the 1st quarter output of 70,842 barrels, was due to the less frequent liftings during the quarter with the onset of the typhoon season. In addition, Shell temporarily shut down their refinery facilities in September for routine maintenance work. Production operations are expected to become normal again during the 4th quarter.