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GALOC PRODUCTION CO. WLL IS CONSIDering drilling two additional wells in the Galoc oil field in offshore Palawan to further boost production, according to consortium member Otto Energy Ltd.
In a regulatory filing, Otto Energy said the consortium that owned the license for the Galoc oil field had been reviewing plans for a planned Phase II development.
This may involve an additional two wells in the northern portion of the structure to boost production and access undeveloped reserves, the company said.
GPC, operator of the Galoc oil field, holds a 59.84-percent stake in Service Contract 14-C or the Galoc sub block. Otto Energy controls a 31.38-percent …