The Palawan Galoc Oil Field may get an expansion in 2019 following a favorable third party assessment contracted by an Australian oil and gas firm and its partners.
Nido Petroleum Ltd, in a disclosure to the Australian Stock Exchange, said that ODIN Reservoir Consultants Pty. completed an independent assessment, an update to a previous work by Gaffney Cline & Associates.
The Galoc field was said to contain contingent resources of 13.3 million stock tank barrels (MMstb) (2C) as its “best estimate,” ODIN’s assessment showed.
ODIN’s assessment on the Malolos Oil field discovered potential oil volume described as “contingent resource” between “low estimate” of 5.9 MMstb (1C) and “high estimate” of 24.5 MMstb (3C) of “total oil in place” (2C).
The Australian company can be entitled to a potential contingent resources of 3.3 MMstb (1C), 7.4 MMstb (2C) and 13.7 MMstb (3C) net from the project, data from Nido’s net working interest said.
“It must be appreciated that the Contingent Resources reported herein are unrisked in terms
of economic uncertainty and commerciality. There is no certainty that it will be commercially viable to produce any portion of the Contingent Resources,” Nido said.
Nido said that preliminary plans for the Galoc Mid Area will be based on drilling two subsea development wells tied back to the Galoc Field Floating Production Storage and Offloading (FPSO) facilities.
“In the case of Galoc-7 success, the (Galoc Mid Area) is being considered as a potential Phase III development project using conventional horizontal drilling and sub-sea completion technology,” Nido said.
However, the expansion has yet to be submitted to the Philippine authorities for approval.