Galoc Production Co. (GPC), owned by The Vitol Group with a 68.6 percent interest, restarted production from the Galoc oil field early this morning. Operations were susupended in June due to bad weather.
The Galoc oil field is estimated to contain 10 million barrels of oil, and produces between 12,000 and 14,000 barrels per day. Crude oil from Galoc is expected to generate foreign exchange savings for the country worth over a billion dollars during its lifetime. The oil field’s production is 6% of the country’s total demand of 300,000 barrels.
See Business World Online and Energy Current for full coverage.
Vitol Subsidiary Bids For Arawak
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Geneva, 27 October 2008: Rosco SA, a subsidiary of Vitol, has confirmed a
cash offer for Arawak Energy Limited. For further information, go to the
London S...
15 years ago
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