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Philippines says oil production begins at Galoc

Published Oct 9, 2008
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The offshore Galoc oil field in the southwestern Philippines commenced production on Thursday, the government said.

"We are expecting to get 20,000 barrels a day in the first 90 days of commercial production," the Department of Energy said in a statement. "That will provide for 6% of the daily oil demand of the country."

Galoc Production Company, comprising of European trader Vitol with a 68.62% stake and Otto Energy with the remaining 31.38%, operates the field with a 58.29%interest.

The remaining 41.71% is split between Nido Petroleum, with a 22.28% share, and several Philippine partners.