FPSO Rubicon

Otto Energy subsidiary Galoc Production Company (GPC) has restarted production at the Galoc oilfield located north-west of Palawan in the Philippines.

The move follows a planned shutdown for the refurbishment of the floating production storage and offloading vessel (FPSO) Rubicon Intrepid.

The company upgraded the FPSO through the installation of a bow-mounted, non-disconnectable turret mooring system, along with re-certification, maintenance and inspection works.

GPC now plans to begin phase II of update works and undertake a front-end engineering and design work (FEED) ahead of the final investment decision around mid-2012.

The scope of FEED work includes detailed subsurface modelling of the reservoir, drilling and completion design, subsea engineering and tie-back design for new wells, as well as joint venture financing considerations.

Around 184km2 of new 3D seismic data completed last year will support the placement of phase II wells in the reservoir and de-risk major capital expenditure.

GPC, as operator, holds a 33% stake in the contract area, with a second GPC arm holding another 26.84% and Nido Petroleum with 22.88%.

The joint venture will consider pre-investment in the required infrastructure, including wellheads, flowlines and umbilical lines during the FEED stage.

Other remaining stakes are held by Oriental Petroleum & Minerals Corporation and Linapacan Oil gas and Power Corporation with 7.78%, The Philodrill Corporation holds 7.21% and Forum Energy Philippines Corporation has 2.28%.

 

Image: A new bow-mounted non-disconnectable turret has been installed on the floating production storage and offloading vessel (FPSO) Rubicon Intrepid. Photo: courtesy of Otto Energy.