Australian firm Otto Energy says it could produce up to a further 12million barrels of recoverable oil from its Galoc field off the Philippines.
Studies of the field since new 3D seisimc data was produced last year suggest the extra recoverable supplies could be found from areas not currently under production.
The field has already produced more than 10million barrels, with a further 26million expected to be developed through the current and next development phases.
Further exploratory drilling will be deferred for now, however, as the Ocean Patriot rig currently in use is not capable of drilling some of the optimal locations for exploration wells.
“The outcome of the Galoc exploration studies has been very positive and reinforces our view that this field continues to outperform expectations,” said Otto Chief Executive Officer Gregor McNab.
“We look forward to progressing drilling of a Galoc exploration well at the preferred drilling location as soon as a suitable rig can be secured.”
