Philippines' Galoc operator looking to lift output

MANILA, June 23 (Reuters) - The operator of the Galoc oilfield offshore the Philippines is conducting tests to assess the possibility of increasing production, a shareholder said on Tuesday.

Galoc, which produces between 12,000 and 14,000 barrels per day from two subsea wells, is estimated to hold oil reserves of 10 million barrels.

It yields light sour Palawan Light crude, similar to Abu Dhabi grades.

"Production will be continued from the existing two wells, (while) assessment of the potential for additional incremental development is underway," operator Galoc Production Co (GPC) said in a statement released to the Manila exchange by field shareholder Philodrill Corp (OV.PS).

"Performance of the reservoir, production facilities and uncertainty in the oil price over the next 3-6 months will be key considerations in this assessment," it added.

GPC said it had concluded an extended test at the Galoc field, data from which provided enough confidence "in reservoir performance to justify commencement of long-term production".

Galoc, off southwestern Philippines, was the first major field to come onstream in the underexplored country since the 1990s.

Production began in October but has been disrupted several times by bad weather and repairs.

GPC, in which European trader Vitol has a 68.6 percent stake and Australian oil firm Otto Energy (OEL.AX) a 31.4 percent interest, is the operator of the field, with a 58.29 percent share.

The remaining 41.71 percent is split between Nido Petroleum (NDO.AX) with 22.28 percent, and several Philippine partners including Philodrill. (Reporting by Manolo Serapio Jr.; Editing by Clarence Fernandez)