Source: Otto Energy
Otto Energy (ASX: OEL) has been advised by operator Galoc Production Company that Galoc oil field production has been shut‐in during Typhoon Megi and that Rubicon Offshore International, the owner and operator of the FPSO, has conducted a non‐routine disconnection from the mooring and riser system.
Galoc has further advised that Rubicon is in the process of mobilizing a support vessel and equipment to the field to ascertain what damage has occurred during the non‐routine disconnection and to assist in reconnection of the mooring and riser system. It is expected that it will take at least several weeks to recommence production.
Otto advises that it has met its 2010 production target and produced 427,080 barrels of oil from the Galoc Oil field. There is currently 248,000 bbls of saleable crude oil in the FPSO tanks.
Galoc Oil Field
Otto has an 18.78% indirect interest in the Galoc Oil Field, located in waters measuring 290 meters deep on Service Contract (SC) 14C offshore Philippines, via a 31.38% shareholding in the field Operator, Galoc Production Company WLL (GPC). GPC holds 59.84% equity in the Field.
Production at Galoc commenced in October 2008. Over 2.4 million barrels of oil have already been produced from the Field.