KUFPEC gets interest in Galoc development offshore Philippines

Offshore staff

SYDNEY, Australia – With Phase II development drilling scheduled to begin in June and first Phase II production in 4Q 2013, the Kuwait Foreign Petroleum Exploration Co. has assumed a 26.84473% working interest in the Galoc joint venture.

KUFPEC acquired Risco Energy Pet. Ltd. and with it the interest in the Galoc oil production project offshore the Philippines. Otto Energy Ltd. (ASX:OEL) is the operator with a 33% working interest.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...