Production at Galoc Oil Field Resumes

Business World reports that production at Galoc oil field in northwest Palawan has resumed after being suspended late last month due to a delay in the delivery of oil cargoes.

“Oil production has resumed following the temporary suspension necessary due to a delay in offloading crude oil from the FPSO (Floating, Production, Storage and Offloading) vessel,” Galoc Production said.

The Galoc oil field is estimated to contain 10 million barrels of oil, and produces between 12,000 and 14,000 barrels per day from two subsea wells.

Operator Galoc Production owns 59.84% of the Galoc service contract. Galoc Production is co-owned by European trader Vitol group, with a 68.6% stake, and Australian firm Otto Energy Ltd., with 31.4%.

Operations at Galoc were also suspended in June for bad weather.