Otto Energy to install improved mooring at Galoc FPSO

By Phaedra Friend Troy

Otto Energy Ltd. (ASX:OEL) has decided to upgrade the mooring and riser system for the FPSO Rubicon Intrepid operating at the Galoc field in the Palawan Basin offshore the Philippines.

The new turret mooring system is being deployed to help increase the reliability and uptime of the FPSO and is critical for the progression of the second phase of development on the oil field.

“The upgrade of the FPSO system will substantially improve the uptime of the Galoc field, which is an important revenue-generator for Otto,” said Matthew Allen, Otto CFO and acting CEO. “In addition, it provides a vital platform from which to embark on our planned Phase 2 development of the field, which we expect to approve early next year."

Engineering work on the new system is under way, and the upgraded FPSO is scheduled to return to the Galoc field by the close of 2011. 

Located in an area frequently threatened by cyclones, the Galoc oil field was developed via an FPSO that is able to de-moor and move out of the way of oncoming storms. Since starting production in October 2008, the Galoc oil field has experienced significant downtime due to issues with the mooring system.

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