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Australian independent Otto Energy has upped its estimates for economic ultimate recovery from its Galoc oil field offshore the Philippines by nearly 20%.
The company’s 100%-owned subsidiary, Galoc Production Co., is the operator of the field. Otto said the oil field is now expected to remain in production until approximately 2016-18 on the basis of the existing two wells alone.
There are also contingent resources of 1.49 million barrels of oil equivalent attributable to a planned second phase of development for the field, which is currently progressing through the front-end, engineering and design stage, with a target final investment decision of mid-2012.
The economic ultimate recovery figure was increased to 19.7% on a proven (1P) basis, and increased by 3.5% on a proven and probable (2P) basis.