The Department of Energy approved the withdrawal of Kuwait Foreign Petroleum Exploration Co. from Service Contract 14C1 or the Galoc block.
KUFPEC owns a 26.84-percent stake in the Galoc block after it acquired Risco Energy Petroleum Ltd. It withdrew its interest from SC 14C1 in September 2020.
The Philodrill Corp. said in a disclosure to the stock exchange Tuesday the DOE’s approval of KUFPEC’s withdrawal effectively increased its interest to 10.17782 percent from 7.21495 percent.
“The additional 2.96287 percent represents the pro-rata PI received from Kufpec after its withdrawal from the consortium,” Philodrill said.
Other SC 14-C1 stakeholders are Nido Petroleum Galoc Pty. Ltd (78.82683 percent), Oriental Petroleum and Minerals Corp. (7.78505 percent) and Forum Energy Phils. Corp. (3.2103 percent).
Philodrill said the Galoc oilfield maintained a reliable production, with 99-percent uptime throughout 2021.
It said Galoc’s average daily production rate in 2021 was 1,727 barrels of oil per day, resulting in a year-end total of 629,964 barrels.
Three offtakes with a total cargo of 632,056 barrels were delivered in 2021. The total offtake volume forecasted for 2022 is about 480,000 barrels of oil.
The Galoc oilfield has been in production since 2008 and yielded nearly 20 million barrels of oil since then.
Crude oil production from the field has gone down in recent years, averaging 2,100 barrels of oil per day in 2019.
