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Philippines says oil production begins at Galoc

Thu Oct 9, 2008 12:33am EDT

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MANILA, Oct 9 (Reuters) - The offshore Galoc oilfield 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 six percent of the daily oil demand of the country."

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

The remaining 41.71 percent is split between Nido Petroleum (NDO.AX), with a 22.28 percent share, and several Philippine partners. (Reporting by Manolo Serapio Jr., Editing by Raju Gopalakrishnan)



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