First Galoc oil this month: Nido

NIDO Petroleum expects production from its offshore Philippines oil development, Galoc, to start at the end of May after the floating production, storage and offtake vessel Rubicon Intrepid arrived on location yesterday.
First Galoc oil this month: Nido First Galoc oil this month: Nido First Galoc oil this month: Nido First Galoc oil this month: Nido First Galoc oil this month: Nido

Over the next week, the FPSO will start mooring, hook-up and commissioning procedures in preparation for first production. This is expected to take up to three weeks to complete.

Production from the field has been held back by slower than expected pre-commissioning and verification work of the Rubicon Intrepid at Batangas, 120km south of Manila as well as technical issues while completing the Galoc-3 development well.

Once production begins, Galoc is expected to produce more than 15,000 barrels of oil per day.

Nido has a 23% stake in Galoc while another Perth-based junior, Otto Energy, has an 18.28% indirect stake in the project.

Other members of the consortium are Alcorn Gold Resources, Forum Energy, Oriental Petroleum, PetroEnergy Resources and Philodrill.

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