The Department of Energy (DOE) has cleared the exit of Galoc Production Company No. 2 (Kufpec) from Service Contract 14C1 covering the Galoc oil field in northwest Palawan.
In a regulatory filing, Philodrill said it received a copy of DOE’s letter approving the withdrawal of Kufpec from the consortium, as well as the increase of Philodrill’s participating interest in SC 14C1.
As a result of the pro rata assignment by Kufpec of its withdrawn interest in SC 14C1, Philodrill’s participating interest has increased from 7.21 percent to 10.18 percent.
Kufpec, which held a 26.84 percent prior to its exit, announced its withdrawal from the consortium on September 14, 2020.
The Galoc Block is operated by Nido Petroleum Galoc Pty. Ltd., which holds a 78.83 percent participating interest.
Other members are Oriental Petroleum and Minerals which holds a 7.79 percent interest, and Forum Energy with 3.21 percent.
The Galoc oil field, which began production in 2008, is one of the country’s oil-producing assets.
