According to the DOE, “Recoverable oil reserves from Galoc are estimated at around 23 million barrels and the UK’s Team Oil and Australia’s Cape Energy will jointly invest around US$150 million in developing the Galoc field over a two-year period.”
“The remaining 20% stake in the field is split between a Philippine consortium comprising Philodrill Corp, Basic Consolidated, Oriental Petroleum & Minerals Corp, Linapacan Oil Gas & Power Corp, Phoenix Energy Corp, PetroEnergy Resources Corp and Alcorn Gold Resources Corp,” added the Department.
