Galoc oil field production delay
Posted: 23 June 2008
Otto Energy has been advised by Galoc Production Company (GPC), that weather conditions near Galoc, offshore Palawan, Philippines are being influenced by nearby Typhoon Fengshen.
The forecast track for Typhoon Fengshen continues to be revised westwards and currently is expected to pass within 150 km of the Galoc Field.
"The delay to first oil is obviously frustrating; however we cannot control the weather. The project is in good shape and we now expect that first oil will be flowing in early July shortly after the FPSO is reconnected." said Alex Parks CEO of Otto Energy.
Due to the resulting sea state, the Operator instructed the FPSO (Floating Production, Storage and Offloading System) to commence disconnection from the mooring and riser system and the system was laid down on the seabed in a controlled disconnect on the evening of Friday 20 June.
Timing of reconnection will be dependent on a reduced sea state – the current forecasts indicate this is unlikely to be before Friday 27 June.
Although there is only minor commissioning work left to be done before production commences, it cannot be completed until the typhoon has passed and the FPSO is reconnected.
The commissioning work has been successful and has further de-risked the project. First oil is now expected to commence in early July.
Otto holds an 18.3 per cent indirect interest in the Galoc Field via a 32 per cent shareholding in the operating company GPC, which holds a 58.29 per cent working interest in the Galoc Field.
Posted by Richard Price, Editor, EnergyME.com
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