Philippines' Galoc Drops

摘要

Output from the Galoc oil field in the Philippines appears to be continuing its slow decline. A financial report for the six months ending Dec. 31, 2010 from Australian Otto Energy - co-operator of the field with trad- er Vitol - indicates output of just over 1.13 million bbl during the period. That is equiv alent to 6,200 b/d, down from the previous year's 8,500 b/d and less than half the rate a which it came on stream in 2008 (IOD Nov.26,p6). The Philippines has been strug gling to boost oil production, and Galoc is the most important development of the past two decades. Galoc Production Co. - a joint venture between Vitol and Otto - has a 59.84% stake in the field; its partners are Australian junior Nido Petroleum with 22.88%, and three Filipino firms.