Philippines

October 17, 2012

otto energy

Otto Energy, as operator, has approved phase two development for the Galoc oil field, located 60km northwest of Palawan Island in block C of SC 14 in a water depth of 290-400m, anticipating an increase of output from 5600b/d to more than 12,000b/d by 2H 2013 at project cost of $188 million. Workscope involves two subsea wells, to be tied to an existing FPSO facility, and installing a second production riser and control umbilical.

The joint venture has secured the Diamond Offshore semisubmersible Ocean Patriot (pictured) to drill two development wells, with an option for a third exploration well in the northern area of the Galoc field.



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