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PXP gets nod to continue Galoc field operations
PXP Energy Corporation and its partners have secured approval to continue production at the Galoc Oil Field off northwest Palawan through a new petroleum service contract, SC 88.
The new contract, executed on December 18 and replacing the expired SC 14C-1, allows for the recovery of remaining oil reserves.
The Galoc field has produced over 25 million barrels of oil since operations began in October 2008.
PXP Energy holds an indirect 3.21% interest in the field through its subsidiary Forum Energy Philippines Corp.
Other consortium members include The Philodrill Corp. and the field's operator, NPG Pty. Ltd.
Despite the field's maturity and natural production decline, the new contract provides a framework to extend operations and maximize the value of its remaining resources.
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