oil from galoc to be exported to japan

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Oil from Galoc to be exported to Japan

MANILA, Philippines - Galoc Production Co. (GPC) will make Japan its newest market its oil output in northwest Palawan, company sources said.

They said GPC plans to make the first shipment of 300,000 barrels of Palawan Light crude to Japan next week.

“We got an advise that the target date of delivery to Japan is late next week. There is also the possibility that shipment to Japan will be increased,” a source said.

In addition, the sources said GPC will also sell some 400,000 barrels of Palawan Light to Korea; about 300,000 barrels to Thailand and another 300,000 barrels to local refiner Petron Corp.

GPC has so far been able to produce one million barrels from the oil field since it started the first flow in October last year. Oil production in the field has been steady or at around 16,000 barrels per day but GPC said the production rates may be expected to gradually go down to 13,000 to 14,000 barrels per day.

The Galoc field is located in Service Contract 14C in 290 meters of water approximately 65 kilometers northwest of Palawan.

GPC’s oil field is estimated to contain 10 million barrels of recoverable oil reserves. An assessment from Singapore’s Gaffney and Cline Associates, however, indicated that the field could contain up to 49 million barrels.

GPC, which owns 58.29 percent of the SC 14C consortium, is composed of European energy traders Vitol Group and Otto Energy Ltd.

Other members of the consortium are Australian firm Nido Petroleum Ltd. with 22.8 percent; Oriental Petroleum and Minerals Corp., 7.57 percent; The Philodrill Corp., 7.03 percent; UK firm Forum Energy Philippines Corp., 2.27 percent; Alcorn Gold Resources Corp., 1.53 percent and PetroEnergy Resources Corp., 1.03 percent