Galoc oil output resumes after typhoon
Reuters | 05/13/2009 2:52 PM
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SINGAPORE - Production has resumed at the Galoc offshore oilfield the Philippines after a six day-interruption for the first of several expected shutdowns during the monsoon, operator Galoc Production Co. (GPC) said on Wednesday.
Output has restarted at around normal rates of 13,000 barrels per day (bpd), equity partner Otto Energy said in a related statement, after the Floating Production Storage and Offloading (FPSO) facility was disconnected on May 7 ahead of the passage of Typhoon Chan-Hom.
Galoc's startup and debut last year were delayed and plagued by disconnection and reconnection problems when bad weather hit.
The issues have been resolved with the installation of enhanced mooring arrangements, Otto Energy CEO Alex Parks told Reuters in January.
But the typhoon season will continue to force temporary shutdowns, GPC said in a statement.
Such operations are likely to be undertaken on several occasions over the coming southwest monsoon/typhoon season which lasts from June to November in a typical year," GPC said.
The death toll from floods and mudslides triggered by a typhoon in the northern Philippines has more than doubled to 36, with 12 people still missing, the government said on Sunday.
Oil production from Galoc was suspended from mid-December to February for repairs to the riser system and to install a Hold Back Mooring System.
Galoc, off southwestern Philippines, was the first major field to come onstream last year in the underexplored country since the 1990s.
It yields light sour Palawan Light crude -- similar to Abu Dhabi grades -- of which five 300,000-350,000 barrel cargoes have been lifted since it came onstream and sold to Asian refiners.
GPC, in which European trader Vitol has a 68.6 percent stake and Australian oil firm Otto Energy a 31.4 percent interest, is the operator of the field, with a 58.29 percent share.
The remaining 41.71 percent is split between Nido Petroleum with 22.28 percent, and several Philippine partners.
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