Vitol GPC Investments SA, a major operator of the Galoc oil field, is now finalizing the results of their joint Octon-Galoc evaluation project as part of its Phase 1 farm-in commitment into Service Contract 6-A.
In a disclosure, Philodrill Corp., member of the SC 6-A (Octon) project, said they will come up with a decision as soon as they see favorable results of the second drilling of Galoc Production Corp.
“Their decision to proceed with the farm-in Phase 2 depends whether or not the Galoc Consortium will proceed to Phase 2 of the Galoc Project,” the company said.
Philodrill said positive results from Galoc field may also be a good sign for Octon development area.
“Vitol GPC believes in the commercial viability of the Octon Field development if tied back to the Galoc Field,” it said.
Philodrill was incorporated on June 26, 1969 with the primary purpose of engaging in oil, gas and mineral exploration and development.
In 1989, it changed its primary purpose to that of a diversified holding company while retaining petroleum and mineral exploration and development as one of its secondary purposes.
The company’s active petroleum projects cover production and exploration areas in offshore Palawan and South Sulu Sea and onshore Mindoro under various service contracts.
Aside frm SC6A, Philodrill holds stakes in SC 6 (Cadlao), SC 6B (Bonita), SC 14 C (Galoc), SC 14 C-2 (West Linapacan), SC 14 D (Retention Block), SC 41 (Sulu Sea), SC 53 (Onshore Mindoro), among others.
Vitol GPC, on the other hand, owns 69 percent of GPC. Other members of the consortium developing the Galoc field are: Nido Petroleum Ltd. of Australia, 22.2 percent, Philodrill Corp. 7.02 percent, Oriental Petroleum & Minerals Corp. and Linapacan Oil Gas & Power Corp., 7.58 percent; Forum Energy Philippines Corp., 2.27 percent; Alcorn Gold Resources Corp., 1.53 percent; and PetroEnergy Resources Corp., 1.03 percent.