THE MALAMPAYA GAS PROJECT- PalawanPHILIPPINES: Nido Petroleum (Nido) is expecting its Galoc oil field in offshore Palawan Basin of Philippines to produce 6.3 million barrels of oil during the first year of production, according to a statement published on the company's website.
The Australia-based oil and gas company is projecting a pre-tax cash flow of between US$40.1 million and US$67.5 million from 1.4 barrels of oil produced in 2008.
Nido is also expecting to draw 1.4 million barrels of oil from a projected 6.3 million barrel in 2008, 3.4 million barrels from 800,000 barrels in 2010 and 500,000 barrels from two million barrels produced in 2011.
The Galoc oil field is located within the SC14 area operated by Galoc Production Co.
Galoc Production has plans to drill two production wells with its contracted drillship, Jet Drilling's Energy Searcher between August to October this year. The drilling programme is estimated to cost some US$86.4 million.
Galoc Production owns 58.29 per cent of SC14. Nido is the second-biggest shareholder with 22.28 per cent interest.
Nido's Deputy Managing Director, Joanne Williams earlier said the company had earmarked US$20 million this year to develop the Galoc oil field.
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