Two drillings in Galoc indicate bigger reserve
The Galoc oil field in northwest Palawan may contain an additional 12 million to 15 million barrels of oil based on the preliminary results of new drilling on two wells, an industry source said Friday.
The source said the additional reserves would bring the current level of production at the Galoc field to 10,000 to 15,000 barrels a day from the current 5,000 to 6,000 barrels.
The Galoc field is located in Service Contract SC14C. Two wells, Galoc-5H and Galoc-6H, are being drilled within the existing producing field that has delivered over 10 million barrels of oil since its commissioning in 2008. Oil from the Galoc field is sold to Asia Pacific refinery customers.
The Galoc oil field is expected to remain in production beyond 2020.
The second phase of drilling started on June 4 and is expected to be completed after 115 days, including the flowing of the wells for cleanup. First oil from the expansion is expected during the fourth quarter this year.
Two drillings in Galoc indicate bigger reserve - Manila Standard Today
Korean firms to invest
September 16, 2013
COMPANIES from Chungnam province, Korea, are willing to invest in the Philippines to expand their global operations, some of the firms said yesterday.
During the Korean Trade Mission meeting yesterday at the Intercon Hotel in Makati City, Yun-Gi Ha, director at cutting machine manufacturer Hi-Worth Co., Ltd., said that his company plans to partner with a local welding machine manufacturer and invest 500 million (about P20.1 million) from 2015 to 2017.
“We’re planning to form a partnership with a Filipino company. At the first level, which is from the beginning to the next two years, we plan to invest half a billion Korean won, so that’s 1 billion for the partnership,” Mr. Ha told BusinessWorld. He that the amount would double by 2017.
Mr. Ha noted that as part of the investment, the company will also build a factory that will house at least 50 locals and 10 Korean engineers in 2015.
“It will double after two years,” he added.
“The Philippines is one of the biggest markets that we are currently looking at, specifically because it has a big sheet-production industry,” Mr. Ha said.
Cosmetics manufacturer Juhwan Bio.Cell Co., Ltd. Marketing Business Manager Hong Kyun said that his company will spend $100,000 on promotions and exhibits of its cosmetic products.
“We are looking for one distributor here in the Philippine market. We are looking for just one because many distributors would haggle for lower prices,” Mr. Kyun said, noting that investments would start the moment the company has struck a distribution deal with a Filipino cosmetics firm.
Paint and cosmetics producer DongYang E&P Co., Ltd. Chairman and Chief Executive Officer Kang-Jung Jin said that the company will invest 3 billion in the Philippines, depending on the condition of the market.
“We will be focusing on architecture and the beauty product industry; we need a partner which has a high ability to sell our products in the Philippines,” Mr. Jin said.
“We will invest in the Philippines, but we first need to check the entire condition of the market of the Philippines. We will decide with the partner [firm], that’s why we first need to find a partner,” he said.
Dong-ho Kim, director of vitamin manufacturer FNBio Co. Ltd., noted that his company is still studying the Philippine market before proceeding to investment.
“Our plan is to export our products and enter the Philippine market. But, I’m not sure about the exact amount of investment, because we need to do the market research first,” Mr. Kim said.
“We are still studying if we could create a market (store) in the Philippines or just export our products,” he added.
One company, Daesung Metal Printing Co., Ltd. declined to be interviewed.
The trade mission was organized by the Korean Trade-Investment Promotion Agency (Kotra), Small and Medium Business Corp. (SBC), and the Chungnam local government.
According to Jinhee Park, an organizer of the event, the purpose of the trade mission is to help Korean companies find prominent buyers, importers and distributor agents to discuss possible market entry of their products.
“In the national level, we do this twice or thrice a year,” Ms. Park said.
A Korean trade mission was also set by the organizers last July, when nine companies from the Gyeongsangbuk-do province participated. -- Lorenz Christoffer S. Marasigan
Korean firms to invest | BusinessWorld Online
Australian company to raise fund for Cebu oil wells
By Alena Mae S. Flores | Posted on September 17, 2013
Gas2Grid Ltd. of Australia said Monday it will raise $1.625 million through a private placement to fund an oil and gas exploration program at the Malolos-1 well in Cebu province, as the company looks for partners in the project.
Gas2Grid said in a disclosure to the Australian Stock Exchange the private placement involved 73.88 million ordinary shares at $0.022 per share.
“The funds raised will be applied to exploration and appraisal, including flow testing oil at Malolos-1 well in order to convert some contingent resource into reserves (at Service Contract 44), exploration at St. Griede in Aquitaine Basin in France and general working capital,” the company said.
Gas2Grid reported in June a significant oil recovery from two sandstone intervals at Malolos-1 followed by an initial assessment of the volume potential within the Malolos field.
It said an estimate of “contingent resource” for oil in place in the two lower oil productive sandstones indicated a range between a “low estimate” of 4 million barrels and a “high estimate” of 42 million barrels, with a “best estimate” of 12 million barrels of total oil initially in place.
“The forward plan is to conduct a longer-term production test of the two oil bearing sandstone intervals with the aim of moving some of the contingent resource of oil in a reserve category and also gather technical data to help plan field development,” Gas2Grid said.
Australian company to raise fund for Cebu oil wells - Manila Standard Today
Two drillings in Galoc indicate bigger reserve
The Galoc oil field in northwest Palawan may contain an additional 12 million to 15 million barrels of oil based on the preliminary results of new drilling on two wells, an industry source said Friday.
The source said the additional reserves would bring the current level of production at the Galoc field to 10,000 to 15,000 barrels a day from the current 5,000 to 6,000 barrels.
The Galoc field is located in Service Contract SC14C. Two wells, Galoc-5H and Galoc-6H, are being drilled within the existing producing field that has delivered over 10 million barrels of oil since its commissioning in 2008. Oil from the Galoc field is sold to Asia Pacific refinery customers.
The Galoc oil field is expected to remain in production beyond 2020.
The second phase of drilling started on June 4 and is expected to be completed after 115 days, including the flowing of the wells for cleanup. First oil from the expansion is expected during the fourth quarter this year.
http://manilastandardtoday.com/2013/09/14/new-drillings-in-galoc-indicate-bigger-reserve/
Korean firms to invest
September 16, 2013
COMPANIES from Chungnam province, Korea, are willing to invest in the Philippines to expand their global operations, some of the firms said yesterday.
During the Korean Trade Mission meeting yesterday at the Intercon Hotel in Makati City, Yun-Gi Ha, director at cutting machine manufacturer Hi-Worth Co., Ltd., said that his company plans to partner with a local welding machine manufacturer and invest 500 million (about P20.1 million) from 2015 to 2017.
Were planning to form a partnership with a Filipino company. At the first level, which is from the beginning to the next two years, we plan to invest half a billion Korean won, so thats 1 billion for the partnership, Mr. Ha told BusinessWorld. He that the amount would double by 2017.
Mr. Ha noted that as part of the investment, the company will also build a factory that will house at least 50 locals and 10 Korean engineers in 2015.
It will double after two years, he added.
The Philippines is one of the biggest markets that we are currently looking at, specifically because it has a big sheet-production industry, Mr. Ha said.
Cosmetics manufacturer Juhwan Bio.Cell Co., Ltd. Marketing Business Manager Hong Kyun said that his company will spend $100,000 on promotions and exhibits of its cosmetic products.
We are looking for one distributor here in the Philippine market. We are looking for just one because many distributors would haggle for lower prices, Mr. Kyun said, noting that investments would start the moment the company has struck a distribution deal with a Filipino cosmetics firm.
Paint and cosmetics producer DongYang E&P Co., Ltd. Chairman and Chief Executive Officer Kang-Jung Jin said that the company will invest 3 billion in the Philippines, depending on the condition of the market.
We will be focusing on architecture and the beauty product industry; we need a partner which has a high ability to sell our products in the Philippines, Mr. Jin said.
We will invest in the Philippines, but we first need to check the entire condition of the market of the Philippines. We will decide with the partner [firm], thats why we first need to find a partner, he said.
Dong-ho Kim, director of vitamin manufacturer FNBio Co. Ltd., noted that his company is still studying the Philippine market before proceeding to investment.
Our plan is to export our products and enter the Philippine market. But, Im not sure about the exact amount of investment, because we need to do the market research first, Mr. Kim said.
We are still studying if we could create a market (store) in the Philippines or just export our products, he added.
One company, Daesung Metal Printing Co., Ltd. declined to be interviewed.
The trade mission was organized by the Korean Trade-Investment Promotion Agency (Kotra), Small and Medium Business Corp. (SBC), and the Chungnam local government.
According to Jinhee Park, an organizer of the event, the purpose of the trade mission is to help Korean companies find prominent buyers, importers and distributor agents to discuss possible market entry of their products.
In the national level, we do this twice or thrice a year, Ms. Park said.
A Korean trade mission was also set by the organizers last July, when nine companies from the Gyeongsangbuk-do province participated. -- Lorenz Christoffer S. Marasigan
http://bworldonline.com/content.php?section=Economy&title=Korean-firms-to-invest&id=76550
Australian company to raise fund for Cebu oil wells
By Alena Mae S. Flores | Posted on September 17, 2013
Gas2Grid Ltd. of Australia said Monday it will raise $1.625 million through a private placement to fund an oil and gas exploration program at the Malolos-1 well in Cebu province, as the company looks for partners in the project.
Gas2Grid said in a disclosure to the Australian Stock Exchange the private placement involved 73.88 million ordinary shares at $0.022 per share.
The funds raised will be applied to exploration and appraisal, including flow testing oil at Malolos-1 well in order to convert some contingent resource into reserves (at Service Contract 44), exploration at St. Griede in Aquitaine Basin in France and general working capital, the company said.
Gas2Grid reported in June a significant oil recovery from two sandstone intervals at Malolos-1 followed by an initial assessment of the volume potential within the Malolos field.
It said an estimate of contingent resource for oil in place in the two lower oil productive sandstones indicated a range between a low estimate of 4 million barrels and a high estimate of 42 million barrels, with a best estimate of 12 million barrels of total oil initially in place.
The forward plan is to conduct a longer-term production test of the two oil bearing sandstone intervals with the aim of moving some of the contingent resource of oil in a reserve category and also gather technical data to help plan field development, Gas2Grid said.
http://manilastandardtoday.com/2013/09/17/australian-company-to-raise-fund-for-cebu-oil-wells/