ndo pumping oil and strong, page-26

" Well you haven't enlightened anybody with that post either Galileo...why don't you make us all wiser as to how the Galoc revenues are shared and proportioned."


62strat, surely you know all this kindergarten stuff. Hopefully you do. If not, perhaps the roulette tables might offer better prospects



Nevertheless, put simply the Galoc Field is 20% owned by Philippine Partners, 22% by Nido, and GPC the operator, own 58%.

OEL owns nothing of the field, save for its 31% of GPC. Which means that its income is derived from a distribtuion of GPC profits(Note: not Galoc oil production: - Rather, profits from GPC)

Therefore indirectly, OEL have an 18% interest in the field and may never show a dollar from it until GPC becomes profitable, which of course, will be a matter of Vitol's choosing.

Also, having an appreciation of the voracious appetite Vitol have for money, I would doubt OEL will be seeing too much of it.

Whereas, Nido directly share in gross revenue from every single barrel of oil extracted from the Galoc Field. Thus the attraction.

Kid stuff really !