Galoc oilfield production halted: Otto Energy
Reuters | 10/27/2009 6:07 PM
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SYDNEY - Output has been halted at Philippines' Galoc oilfield due to problems with loading oil, Otto Energy said on Tuesday.
"Production at Galoc field has been temporarily suspended pending completion of a cargo off-loading," Otto said in a statement, adding Galoc's storage capacity was now full due to an issue with an export hose.
"Alternative off-loading options are currently being assessed having regard to weather conditions in the field," Otto told the Australian stock exchange.
A replacement export hose is due to arrive from Singapore which will allow off-loading to start November 9.
The field yields 12,000 to 14,000 barrels per day of light sour Palawan Light crude -- similar to Abu Dhabi grades.
GPC, in which European trader Vitol has a 68.6% stake and Australian oil firm Otto Energy a 31.4% interest, is the operator of the field, with a 58.29% share.
The remaining 41.71% is split between Nido Petroleum with 22.28%, and several Philippine partners including PetroEnergy.
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