Oil from the Galoc fields off Palawan started flowing yesterday, signaling the first step toward energy self-sufficiency for the Philippines.The Galoc oil field in Palawan is managed by a consortium of foreign and Philippine companies called Galoc Production Co. Otto Energy Limited of Perth, Australia has a 31.28 percent stake in the consortium.
Malacañang made the announcement as officials stressed the oil find would be used for domestic consumption to help reduce the country’s dependence on imported fuel.
“The President is pleased to announce, as reported by Energy Secretary Angelo Reyes, the extraction of fresh oil from the Galoc oil field in the northwest offshore of Palawan at 10:45 a.m. (yesterday),” Executive Secretary Eduardo Ermita told a news conference at Malacañang. [Source:Philstar.com]
Friday, October 10, 2008
The Galoc Oil Field in Palawan
The Galoc Oil Field in Palawan is now producing oil, Malacanang announced yesterday. According to Sec. Ermita, the President described the oil from the Galoc field in Palawan as “light, medium crude oil, with a potential high yield of light ends, such as gasoline.”