Kuwait’s KUFPEC Takes Stake in Galoc Oil Field (Philippines)
Otto Energy Limited on behalf of the Galoc Joint Venture Partners in the Philippines, announces that Kuwait Foreign Petroleum Exploration Company (“KUFPEC”) has become a partner in the Galoc joint venture.
The Galoc field is located in Service Contract SC14-C (Galoc Sub Block) in 290m of water approximately 65km North West of Palawan Island and 350km south of Manila in the Republic of the Philippines.
KUFPEC has assumed control of a 26.84473% working interest in the Galoc joint venture following the acquisition of Risco Energy Pte Ltd, the ultimate parent of Galoc Production Company No. 2 Pte Ltd.Otto continues to hold a 33% working interest and remains operator of the Galoc project.
The Galoc joint venture partners last year approved the Galoc Phase II development and is due to commence drilling in June 2013 and first oil is expected in Q4 2013. KUFPEC joins the Galoc joint venture during a critical period of investment that will extend production from Galoc beyond 2020.
Otto Chief Executive Officer Gregor McNab said: “The entry of a high quality partner such as KUFPEC into the Galoc joint venture is a testimony to the strength of the Galoc project overall. KUFPEC brings a wealth of technical and financial experience to the project at an important stage in the long term development of the field. On behalf of the joint venture, we would like to welcome KUFPEC and we look forward to working with them as we progress Phase II and build for the future of Galoc.”