Offshore staff

MANILA, The Philippines -- Gaffney Cline and Associates has certified Galoc oilfield reserves at 23.5 MMbbl of proven plus probable reserves with the initial production potential of 17,500 b/d.

The reserves were certified in August this year for the field discovered in 1981 in the North Palawan basin block C of service contract 14, said Nido Petroleum Ltd. Managing Director David Whitby.

The Galoc output of 17,500 b/d could help increase Philippines' indigenous oil production to 12% of the total 338,000 b/d consumption from the present 7%, or 23,000 b/d production, Whitby said during a recent meeting with President Gloria Macapagal Arroyo.

Nido has a 22.279% working interest in the field.

11/26/2006