Vitol today confirmed that the Galoc Field located offshore Palawan Island in the Republic of Philippines has commenced production. Output is expected to average around 17,000 bpd for the rest of 2008, once production stabilizes following flow testing. Galoc’s estimated oil reserves are approximately 10 million barrels. Assessment of the potential for further development will be undertaken over the coming months.
Vitol has a 40% interest in the Galoc Service Contract through its ownership of the Galoc Production Company.
Further information on Galoc can be found on www.galoc.com