In a disclosure to the Australian Stock Exchange furnished to energy reporters, Otto said it has delivered a total of 22 off-takes to refinery customers from the said production level. 

The Galoc oil field has been producing oil at an average of 6,750 barrels per day. Otto said two offtakes of Galoc crude oil were completed in the second quarter, while the next one is planned for the first week of August. 

The difference between offtake and production volumes represents movements in crude oil inventories on the Rubicon Intrepid floating production, storage and offloading (FPSO) vessel at the end of the quarter.

As of end-June, Otto said the Galoc joint venture has approved an upgrade that involves the installation of a new turret mooring system. This is expected to increase the FPSO operating uptime in excess of 95 percent as it will improve the mooring system. Installation of the turret is planned for the fourth quarter.

Otto added that the enhanced mooring and riser system is a crucial component of the infrastructure to enable the Galoc joint venture to move ahead with a second phase of field development. 

Galoc Production Co. (GPC), the operator of the Galoc oil field, has commenced pre-planning activities for the further development of the oil field.

The Galoc oil field is being developed under Service Contract 14C which was awarded to GPC and its joint-venture partners. GPC holds 58.29-percent interest, in which Otto Energy Ltd. holds 31.38-percent stake, while other stakeholders are Nido Petroleum Ltd., 22.28 percent, Oriental Petroleum and Minerals Corp., and Linapacan Oil Gas and Power Corp. with 7.57 percent, Philodrill Corp. with 7.03 percent, Forum Energy Corp. with 2.27 percent, Alcorn Gold, 1.53 percent and PetroEnergy, 1.03 percent.