Nido Petroleum is set to drill its Galoc-7/7ST appraisal well in Block C1 SC 14 offshore the Philippines, starting in March.
The firm has agreed a one-well drilling contract for the Odfjell Drilling operated ultra deepwater drillship Deepsea Metro I for the work, which could help extend the life of the producing Galoc field.
The contract is on behalf of Golden Close Maritime Corp., through the signing of a contract with Galoc Production Co., a subsidiary of Nido Petroleum.
The Deepsea Metro I will be contracted for one firm well of about three weeks in duration and one optional side track. The contract period shall be approximately four to five weeks with a 1-31 March 2017 start date.
Galoc‐7/7ST will appraise the currently untested Galoc Mid Area (GMA) in Nido’s core asset. If Galoc‐7/7ST is successful, the subsequent development of the GMA is expected to materially increase reserves and production, substantially extending the life of the Galoc field, Nido said.
The Galoc field is 70km west of Culion Island in the northwest Palawan basin, offshore Philippines at 320m water depth. It is produced using the Rubicon Intrepid floating production unit.
The reservoir depth is 2100–2200m with a 57+m gross oil column consisting of early Miocene turbidite sandstone with 16+% average reservoir porosity. The field produces a 35° API, 1.6% sulphur content crude that is marketed within the southeast and north Asian regions.
The field is operated on behalf of the SC 14C1 joint venture by Galoc Production Co. (GPC). The joint venture consists of Nido (55.88%); Kuwait Foreign Petroleum Exploration (26.85%); Oriental Petroleum & Minerals Corp and Linapacan Oil Gas & Power Corp. (7.78%); Philodrill Corp. (7.22%), and Forum Energy (2.27%).
Deepsea Metro I is owned by Golden Close Maritime Corp., a company owned by Deep Sea Metro, which is a joint venture between Metro Exploration (60%) and Odfjell Drilling (40%). Odfjell Drilling is the manager of the vessel.
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