Output at Philippines' Galoc oilfield, the country's first major oilfield since the 1990s, is ramping up as forecast, and the first cargo will load next month, equity holder Otto Energy has announced..

"Overall performance is consistent with expectations and a steady state production of 18,000-20,000 barrels a day is anticipated within the next few days," the Australian independent oil company said in a statement.

The first cargo is scheduled for the first week of November.

The Galoc oilfield off southwestern Philippines came onstream on October 9 after several months of delays that have made equity holders miss this year's oil rally to near $150 a barrel. Prices have since fallen to near $73 a barrel.

Galoc Production Company (GPC), which comprises European trader Vitol with a 68.6 percent stake and Otto Energy with a 31.40 percent share, operates the field with a 58.29 percent stake in the field.

The remaining 41.71 percent is split between Nido Petroleum, with 22.28 percent, and several Philippine partners.

It remained unclear whether the first cargo of the grade had been sold.

Vitol, and European trader Trafigura, are to be the two main marketers of the light crude, which has a higher sulphur content than most other Asia-Pacific crudes at 1.64 percent, making it more similar to Saudi Arab Light or Abu Dhabi's Umm Shaif grades.