Nido approval for Galoc development

Following last week's announcement that it had expanded its interests to the North Sea, Nido Petroleum announced today that the farm-in agreement for the development of the Galoc field in the Palawan basin in the Philippines has been executed.
Nido approval for Galoc development Nido approval for Galoc development Nido approval for Galoc development Nido approval for Galoc development Nido approval for Galoc development

Subject to securing Philippines Department of Energy approval and project financing, Cape Energy and Team Oil will farm in to the Philippines Joint Venture partner’s share of SC-14C for carrying costs through development. Nido's interest will remain at 22.279%.

Managing director David Whitby said that he was confident the project could be developed to take advantage of the high oil price environment.

"The development concept will include a staged development, focusing on the region around the Galoc-1 well, utilising state-of-the-art horizontal well technology and design to maximise production rates and eliminate reservoir damage," Whitby said.

A fit-for-purpose floating production system will be leased to ensure a cost-effective development at Galoc, with the initial production rates of the two wells expected to exceed 4,400 barrels of oil per day.

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