Companies / Philippines
Philippines' Galoc Field May Increase Oil Reserves By 25%
December 2006 | Project NewsAustralian independent Nido Petroleum has announced that the Galoc oil field in the Philippines has possible reserves of 41.9mn barrels. The field's proved, probable and possible (3P) reserves have been certified by consultants Gaffney, Cline and Associates, which calculated the figure from estimated oil in place of 198.1mn barrels and a recovery factor of 21%. Proven oil reserves in the Philippines are an estimated 175mn barrels (June 2006 BP Statistical Review of World Energy) and we had forecast these to fall steadily, with 160mn forecast for 2010, barring a major step up in exploration activity and drilling success. Should the
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