The Department of Energy (DOE) on Tuesday approved Philodrill Corporation’s increased participation in the Galoc oil block under government service contract (GSC) 14C1.
Philodrill hiked its stake in the consortium seeking more oil from Galoc to 10.18 percent from only 7.21 percent following the reallocation of the participating interest of Kuwait Foreign Petroleum Exploration Corporation, which held a 26.84 percent share prior to its decision to withdraw from the consortium.
NPG Pty Ltd increased its share to 45.83 percent from 22.88 percent while Forum Energy Philippines raised its interest to 3.21 percent from 2.28 percent. GPCi and Oriental Petroleum kept their respective stakes at 33 percent and 7.79 percent.
Galoc accounted for 98 percent of the country’s oil production in 2019 and has produced a total 20 million barrels of oil since 2008.
It still has an estimated 7 million barrels of recoverable reserves.
