• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 41 mins Joe Biden's Presidency
  • 5 mins So Is COVID a Media Hoax or Not?
  • 2 hours Navalny Poisoning Weakens Russo German Relations
  • 2 hours Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 8 hours GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 2 hours Parler’s New Partner Has Ties to the Russian Government
  • 8 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 3 hours a In 2020, we produced and delivered half a million cars.
  • 3 hours CIA Death Squads
  • 6 hours An exciting development in EV Aviation: Volocopter
  • 7 hours The Debate Starts : Remake Republican Party vs. Third Party
  • 9 hours Rejoining Paris Climate Accord is Devestating
  • 6 hours Did I Miss Something?
Saudi Arabia Remained China’s Top Oil Supplier In 2020

Saudi Arabia Remained China’s Top Oil Supplier In 2020

Saudi Arabia narrowly beat Russia…

Is This The Most Exciting ESG Play Of 2021?

Is This The Most Exciting ESG Play Of 2021?

The ESG boom brought in…

Australia's Otto Energy Ltd. Buys Out Filipino Partner in Galoc Oil Field

While China remains the dominant investor in acquiring Southeast Asian energy assets, Australia has begun to compete with Chinese dominance. Australia's Otto Energy Ltd. has bought the entire 68.62 percent stake of the Vitol Group in Galoc Production Co. 
Galoc Production Co. is the operator of the Galoc oil field off The Philippines’ northwestern Palawan Island
 
Otto Energy Ltd. paid  $18.7 million for the Vitol Group’s share of the Galoc oil field, The Manila Standard reported. The transaction makes Otto Energy Ltd. the 100 percent owner of Galoc Production, which has a 59.84 percent stake in service contract 14C, up from its original stake of 31.38 percent.
 
Otto Energy Ltd. acting chief executive Matthew Allen said in a report to the Australian Stock Exchange, “This acquisition represents an attractively priced, low-risk opportunity for Otto to increase its share of revenue from Galoc, as well as to better leverage the expertise within the group through assuming operatorship. Revenue from Galoc continues to provide a valuable source of funds for reinvestment and this is set to grow as we move towards a Phase 2 expansion of the project.”
 
Otto Energy Ltd. will fund its acquisition of Vitol’s stake in the Galoc oil field from its existing cash reserves, with the transaction scheduled for completion later this month.
 
Otto Energy Ltd. officials said that the Company acquisition of Vitol’s stake in Galoc Production would hasten the development of the second phase of the oil-producing field in northwest Palawan, which currently produces around 6,800 barrels of oil per day.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News