OIL

Galoc start-up delayed

START-UP of the Galoc oil field, offshore Philippines, has been delayed due to damage to the retr...

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Otto, which has a 18.28% indirect stake in the project through its 31.38% stake in field operator Galoc Production Company, said the line was damaged when the floating, production, storage and offtake vessel Rubicon Intrepid was disconnected from the field to seek shelter from Typhoon 07W Fengshen.

A new retrieval line will be connected this week to allow the riser and mooring tether to be lifted and reconnected to the Rubicon Intrepid.

Otto added an integrity and systems safety check will be carried out once the system is reconnected.

Equipment has been mobilised to the field as a contingency in the event remedial work may be required, though there is no evidence of significant damage that may further delay start-up.

Galoc is expected to produce more than 15,000 barrels of oil per day once it is brought on stream.

Other partners in the field are Nido Petroleum, Alcorn Gold Resources, Forum Energy, Oriental Petroleum, PetroEnergy Resources and Philodrill.

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