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Nido Petroleum Commences Oil Production From Galoc Field in Philippines

Posted on: Tuesday, 14 October 2008, 09:00 CDT

Oil and gas exploration and production company Nido Petroleum has commenced production from the Galoc oil field, offshore Palawan Island in the Philippines.

Oil production commenced from Galoc to the floating, production, storage and offloading (FPSO) vessel Rubicon Intrepid. Galoc will be brought into production as planned and flow rates will be gradually increased over the coming days. Following this, an extensive well testing program will be undertaken to fully assess the productivity of each well.

The commissioning and testing period is expected to take between two to four weeks to complete, during which the optimal stabilized flow rate of the wells will be determined.

Over the coming months, Nido and its joint venture partners will gather production data and combine this with the results of the detailed analysis from the development drilling to determine the viability of a second phase of the development.

Jocot Dios, CEO of Nido Petroleum, said: "It has been some 27 years since the discovery of Galoc and in 2004 the new management of Nido saw this field as a great opportunity to pursue. Through the persistence of Nido, the operator, Galoc Production Company and our joint venture partners, Galoc is now a producing oil field."

Source: Datamonitor

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