Philippines' Galoc field halts oil output on weather
MANILA, June 26 (Reuters) - Production at the Galoc oilfield in offshore Philippines has been temporarily suspended due to adverse weather conditions, a local partner in the project said on Friday.
Minor shareholder PetroEnergy Resources Corp (PERC.PS) told Manila's stock exchange it had been advised by the field operator, Galoc Production Co (GPC), of the production halt. It did not say when output will resume.
Galoc, which produces between 12,000 and 14,000 barrels per day, has suffered from several production disruptions since it came onstream in October. The last disruption in May took six days, also due to bad weather.
GPC said last month the typhoon season, which usually occurs from June to November, will lead to several temporary shutdowns. [ID:nSP298754]
The operator said on Tuesday it was in the process of conducting tests to assess the possibility of raising production. [ID:nMAN490606]
The field, which yields light sour Palawan Light crude -- similar to Abu Dhabi grades, is estimated to hold reserves of 10 million barrels.
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 PetroEnergy. (Reporting by Manolo Serapio Jr.; Editing by Rosemarie Francisco)
