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FOLLOWING the arrival of the floating production and
storage offloading (FPSO) facility within its oil block,
Galoc Production Co. (GPC) said Monday it targets to
draw first oil before the end of the month.
In a
disclosure to the Philippine Stock Exchange, GPC, the
operator of the Galoc offshore field in
Palawan, said the FPSO arrived in the Galoc field offshore northeast
Palawan
on the afternoon of May 11.
GPC
noted that initial production will involve testing of
the two wells prior to the achievement of steady state
production, with the first cargo anticipated either mid-
or late June this year.
GPC said
the FPSO sailed from Batangas, a port to the south of
Manila, on Saturday evening on conclusion of the inshore
activities.
With the
FPSO in the field, according to GPC, final preparations
will be undertaken prior to the start of the hooking up
to the mooring and riser system that was installed in
March.
GPC
added that the current forecast is for favorable weather
that should allow the hookup operation to be undertaken
over the coming week.
On
completion of the hookup, GPC said the final
commissioning of both the subsea and FPSO located
equipment will be undertaken to ensure readiness to
safely receive and process the fluids.
The
Galoc field is located in Service Contract SC14-C (Galoc
Subblock) in 290 meters of water approximately 65
kilometers northwest of Palawan.
The
development involves the construction of two subsea
completed horizontal production wells, with extended
reservoir contacts, tied back to an FPSO facility via a
short seabed pipeline and midwater riser system. Most
likely, oil reserves as estimated at time of commitment
to the development in 2006 is approximately 10 million
barrels.
The
reserves estimate and requirement for additional wells
and facility capacity will be reassessed following an
analysis of results from both development drilling and
initial field-production performance. |
