First Oil Production At Galoc

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13th October 2008, 09:09pm - Views: 945





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MEDIA RELEASE PR32199


First Oil Production at Galoc


MELBOURNE, Oct. 13/Medianet International-AsiaNet/ --


Nido Petroleum Ltd (Nido) is pleased to announce that oil production has

commenced from the Galoc oil field, offshore Palawan Island in the Philippines.

Oil production commenced on 9 October 2008. Oil is now flowing to the FPSO

'Rubicon Intrepid'. 


Ms. Joanne Williams, Nido's Deputy Managing Director, said "We at Nido have been

patiently working towards this day since 2004 and I am very proud today to see

the commencement of oil production from Galoc. After many challenges throughout

the execution of the development programme, I congratulate our Joint Venture

Partners and the Department of Energy for their dedication and concerted efforts

to bring this project to fruition." 


Oil production commenced from Galoc to the Floating Production Storage and

Offtake (FPSO) vessel at 10:45am local time on 9 October 2008. Crude oil flowed

into the storage tanks of the vessel at 11.20am. Galoc will be brought into

production shortly as planned and flow rates will be gradually increased over the

coming days. Following this, an extensive well testing programme will be

undertaken to fully assess the productivity of each well. This commissioning and

testing period is expected to take between 2 to 4 weeks to complete, during which

time the optimal stabilised flow rate of the wells will be determined. Over the

coming months, Nido and its Joint Venture partners will gather production data

and combine this with the results of the detailed analysis from the development

drilling to determine the viability of a second phase of the development. 


Reflecting on the results of the development so far, Ms. Williams went on to say

"Whilst we have seen several disappointing and frustrating delays during the

development execution, it has been just on 23 months since the Final Investment

Decision (FID) was made by the Joint Venture. From my own experience, if you can

get any oil-patch development from FID to production in less than 2 years it is a

huge success, and this is especially the case in offshore, remote areas such as

the Palawan." 


Nido's Chief Executive Officer, Mr. Jocot de Dios, said "It has been some 27

years since the discovery of Galoc and in 2004, the new management of Nido saw

this field as a great opportunity to pursue. Through the persistence of Nido, the

Operator, Galoc Production Company and our Joint Venture partners, Galoc is now a

producing oil field." 


"First oil production signals the completion of the first oil field development

project in the Philippines since 1992. Galoc will have a huge impact on the

Philippines as it more than doubles the indigenous oil production for the

country. This is very exciting for both Nido and the Philippines!"


"Of course, the Joint Venture's efforts have been complemented by the dedication

and hard work of the men and women of the Department of Energy under the

leadership of Secretary Angelo Reyes. The continued support of the Secretary and

his team has been crucial to the success of Galoc." 




- ENDS-

 

For more information please contact: 

Conservation Natural Resources Nido Petroleum 2 image


            Ms. Joanne Williams 

            Deputy Managing Director 

            Ph: +61 8 9474 0000 

            F: +61 8 9474 0099 



SOURCE:  Nido Petroleum



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