AUSTRALIA-BASED oil and gas firm Otto Energy Ltd. saw revenues surge last quarter from the preceding three months driven by the higher production from Galoc oil field, the company said in a regulatory filing yesterday.
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Otto"s report to the Australian Securities Exchange showed that from January to March this year, revenues -- which came from oil sales -- more than doubled to $28.814 million from $10.305 million in October to December.
In the same comparative periods, production from Galoc oil field jumped 49.85% to 272,303 barrels (bbl) from 181,721 bbl.
Otto said that production from the oil field, which it operates, averaged at 9,168 barrels of oil per day (bopd) during the quarter, "in line with the forecast production."
Meanwhile, expenditures fell 46.39% to $13.20 million from $24.62 million.
Otto holds a 33% stake in Service Contract (SC) 14 in waters northwest of Palawan, where the Galoc oil field is located.
Increased production at the oil field commenced last year after the stakeholders of SC 14 completed the second phase development of the field.
This development involves two new wells, which were drilled and tested before commercial production. These wells are seen to double the production to an average of 12,000 bopd from 4,750 bopd.
Otto said initial production at the field reached 14,500 bopd but that it expected volume to stabilize at 12,000 bopd -- more than double than the previous average of 4,750 bopd.
Other stakeholders of SC 14 are: Galoc Production Company No. 2 Pte. Ltd., with 26.84473%; Nido Petroleum Ltd., with 22.87952%; Oriental Petroleum & Minerals Corp. and Linapacan Oil & Gas Power Corp., with 7.78505%; The Philodrill Corp., with 7.21495%; and Forum Energy Philippines Corp., with 2.27575%.
Besides in SC 14, Otto also holds interests in three exploration projects in the Philippines, namely: SC 55 in waters west of Palawan, where it has a 33.18% stake; SC 51 in waters northwest of Leyte 80%; and SC 69 in Camotes Sea, 79%. -- Claire-Ann Marie C. Feliciano |