Australiaâ€™s Otto Energy has received a boost to the proven reserves at the Galoc oilfield in service contract SC14-C, off the Philippines.
An independent reserves assessment undertaken by Gaffney Cline & Associates, on behalf of field partner Nido Petroleum, increased the proved reserves at the field to nearly 10.4 million barrels, according to upstreamonline.com.
The GCA assessment took into account the production forecasts for the two existing Galoc production wells as well as the two additional wells planned during the second phase of development.
â€œSince the re-commencement of production following the installation of the turret mooring system in April 2012, the Galoc field has continued to perform strongly resulting in an increase in field reserves due to higher well recoveries based on pressure data analysis,â€ Nido managing director Phil Byrne said in a statement on Wednesday.
â€œWith the Phase II development of the field now secure, further reserve and resource increases are likely to come from additional appraisal/in-fill drilling on the field and in particular from exploration activities to the north of the main field area.â€
The Galoc joint venture approved a final investment decision on the second phase of development at the field earlier this year which will see the drilling of two subsea wells that will be tied back to the existing Rubicon Intrepid floating production, storage and offloading facility.
A second production riser and control umbilical will also be installed to further improve system reliability.
The Galoc oilfield lies in Service Contract SC14-C, in 290 metres of water, about 65 kilometres north-west of Palawan Island.
Otto Energy-owned Galoc Production Company operates the field with a 33 per cent stake, with a second GPC arm holding another 26.84 per cent.
Nido holds 22.88 per cent while the remaining stakes are held by Oriental Petroleum & Minerals Corporation and Linapacan Oil Gas & Power Corporation (7.79 per cent), Philodrill (7.21 per cent) and Forum Energy Philippines Corporation (2.28 per cent).