Philippines: Typhoon Megi Suspends Galoc Field Production

Galoc Production Company (“GPC”) advises that production from the Galoc oil field offshore the Philippines has been shut-in following Typhoon ‘Megi’.

Rubicon Offshore International (“ROI”), the owner and operator of the FPSO conducted an emergency disconnection from the mooring and riser system during rough weather.

Mobilisation of a support vessel and equipment is underway and the vessel is expected to arrive In the field next week. Its first task will be to ascertain what damage has occurred to the mooring and riser system and then undertake repairs that may be necessary, followed by assisting with reconnection of the mooring and riser system to the FPSO. It is expected that it will take several weeks at least to recommence production.

GPC advises that the 2010 production target of 2,240,000 bbls has already been exceeded with approximately 2,400,000 bbls produced to date. There are currently 248,000 bbls of crude oil in the FPSO tanks with the next offload scheduled for mid November.

GPC will provide a further update as information becomes available.

[mappress]

Source: Nido Petroleum, October  27, 2010;