Amy R. Remo
4:59 pm | Friday, May 3rd, 2013
MANILA—Kuwait Foreign Petroleum Exploration Co. (Kufpec), a subsidiary of Kuwait’s national oil company, has acquired a 26.8-percent working interest in the joint venture operating the Galoc oil field off Palawan.
In a regulatory filing, joint venture member Otto Energy Ltd. explained that Kufpec acquired Risco Energy Pte. Ltd., the ultimate parent of Galoc Production Co. No. 2 Pte. Ltd., which previously held the 26.84473 percent interest in the Service Contract 14C license.
The rest of the stakeholders retained their respective holdings in the SC 14C license. Otto Energy, which owns the operator Galoc Production Co. W.L.L., retained its 33-percent interest; Nido Production (Galoc) Pty Ltd. holds a 22.87952-percent interest; Oriental Petroleum and Minerals Corp. and Linapacan Oil Gas and Power Corp., jointly own 7.78505 percent; The Philodrill Corp., 7.21495 percent; and Forum Energy Philippines Corp., 2.27575 percent.
According to Otto Energy, Kufpec joined the Galoc joint venture “during a critical period of investment that will extend production from Galoc beyond 2020.”
Last year, the Galoc joint venture partners approved the Galoc Phase II development, which will entail the drilling of two subsea wells that are expected to increase oil production at the field to more than 12,000 barrels of oil per day from the current average of 4,750 barrels per day.
The drilling is targeted to start by June while the first oil is expected within the fourth quarter of 2013.
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Tags: Business , Galoc oil field , Kuwait , oil exploration and development , share acquisition
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