Results 1 to 10 of 48
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June 10th, 2008 11:37 PM #1
Pardon me , but i'm not sure if this is the right place for this.
but since this is related to Gas so i have to post it here
[SIZE=3]Galoc offshore oil field to start production next week[/SIZE][SIZE=3][/SIZE]
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[/SIZE][SIZE=1]Tuesday, June 10, 2008 07:02 PM[/SIZE][SIZE=1][/SIZE]
[SIZE=1]MANILA (AP) - The Galoc offshore oil field will start commercial production next week, initially pumping about 20,000 barrels daily, an official said Tuesday.
The news of the first oil field development in the country in 16 years came as a relief to the oil importing country amid the rapid increases in petroleum prices. A consortium of mostly Philippine companies will pump the oil.
Galoc, about 350 kilometers southwest of Manila, has an estimated reserve of 10 million to 20 million barrels of "high-quality oil" that is light, non-waxy, and has medium sulfur content, Energy Secretary Angelo Reyes told reporters Tuesday.
Reyes said domestic refineries "will be given the first priority" once Galoc starts flowing oil on June 16 at 17,000 to 20,000 barrels per day.
"So rather than being exported, it will be consumed locally," he said.[/SIZE]
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[SIZE=1]BROD PET
Im not sure if this is true, but i still hope it is
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June 11th, 2008 02:25 AM #4
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June 11th, 2008 03:00 AM #5
good news unless patawan din ng royalty and taxes like what the government did with natural gas.
to the current government: Please Moderate your Greed...
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June 11th, 2008 03:43 AM #7
wow this is really good news!! :clap::clap::clap:
sana totoo nga...nararamdaman ko na taas ng price ng gasoline...i really really really hope that this is true...
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June 11th, 2008 05:14 AM #8
The Philippines have oil reserves? That's probably the best news in a long long time. 350 km sw of Manila....... That's not near the hotly contested Spratley Islands, is it?
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June 11th, 2008 07:26 AM #10
Here is the article as pointed to by donski.
This is indeed a welcome development for our country. I just hope that the revenue that will be generated will be used to alleviate the current situation.
Also,- more wells to come!
6220:foryou:
Galoc oil field to draw first oil on June 16
By Lira Dalangin-Fernandez
INQUIRER.net
First Posted 16:36:00 06/10/2008
MANILA, Philippines -- The government on Tuesday said that the Galoc oil field in offshore northwest Palawan will come on stream next week with output aimed at local refineries.
"We are pleased to announce that the development of Galoc oil field is completed and that the first flow of oil is estimated to be commencing June 16, 2008," Energy Secretary Angelo Reyes told reporters.
Reyes also said that Exxon Mobil, a major oil and gas explorer and developer, has expressed interest in exploring oil and gas in the country.
Reyes said Exxon officials will make a courtesy call to President Gloria Macapagal-Arroyo within the week.
The development by Galoc Production Co (GPC), the first in the Philippines since 1992, is expected to produce 17,000 to 20,000 barrels of oil per day, accounting for almost 10 percent of local demand.
Reyes said Galoc oil sold directly to local refineries could bring down pump prices as this would have lower freight, handling and insurance costs. But he could not give estimates as to how much Galoc oil prices would be lower.
GPC would invest $120 million in energy infrastructure and undertake additional exploration work to confirm additional oil reserves, Reyes said.
"The oil found is high quality oil, non-waxy and medium content in sulfur, it's premium oil and could be refined in local refineries here," he said.
On Exxon's entry into oil exploration in the country, Reyes said this showed that "the probability of large quality oil in the Philippines is extremely high."
He said the exploration work would be at service contract 56 in Sulu Sea, which is held by Mitra (Energy Limited), a Malaysian-based company. "Exxon will be 50 percent owner and will be the operator."
The Galoc oil field will hike by some 70 percent to slightly more than 40,000 bpd the Philippine’s meager oil output.
Australia-based Otto Energy acquired a 31.38 percent stake in GPC last December, with European trader Vitol holding the remaining 68.62 percent.
GPC operates the Galoc field with a 58.29 percent interest. The remaining 41.71 percent are split between Nido Petroleum, an Australian firm, with a 22.28 percent share and several Philippine partners.
Galoc comes as a relief for the Philippines, which is trying to cut its annual import bill of $6 billion and is reeling from soaring fuel and food costs which have pushed annual domestic inflation to record highs.
Galoc will also be Otto's Energy's first oilfield to come on stream.
"The Philippines will earn from the sales of crude oil which will be benchmarked at international prices and with domestic refineries being given the first priority," Reyes said. "Rather than be exported, it will be consumed locally."
Reyes said this would translate to $1.4 billion in foreign exchange savings for the country from the start of commercial production until the life of the well expires.
Galoc is said to contain 10 million to 20 million barrels of oil reserves, Reyes said.
The new crude will provide the first major crude oil addition to the Asia-Pacific region.
With reports from Reuters
Buhay na buhay ang BGC this evening. Bukas halos lahat ng restaurants. Sabi pa nung isang cashier...
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