Galoc oil exports grow 10.2% 5 Apr 2015 22:24
Galoc oil exports grow 10.2%
April 5, 2015
Exports of condensate and crude production from the Malampaya gas and Galoc oil fields continue to fetch petro-dollar earnings for the country, a report from the Department of Energy (DOE) has noted.
Despite global oil prices on crashing trend latter part of last year, it was indicated that the Philippines’ total petroleum product exports climbed double digit at 10.2-percent to 9.496 million barrels from the 2013 level of 8.616 million barrels.
The Galoc oil field in northwest Palawan basin in particular logged a record rise of more than 100-percent on its light crude exports in 2014 to 2.833million barrels from 1.388 million barrels in 2013.
Petro-dollars are cornered by countries exporting oil products – it is a notional currency coined by the oil industry to refer to revenue stream from offshore sale of petroleum commodities.
The energy department said condensate remained “the top exported product for the period” – rising by 15.3 percent vis-à-vis 2013 volumes. No specific dollar amounts had been provided by the DOE though in its latest report.
For fuel products, the scale of exports slightly expanded by 1.9 percent, while that of naphtha product, there was a considerable drop of 25.7 percent, albeit it is still the country’s second biggest petroleum-based product export .
All other petrochemical products though – the likes of mixed xylene, toluene, benzene and propylene – had been generally up last year, the energy department has stressed. The DOE has emphasized that the operator of the Malampaya gas field – Shell Philippines Exploration B.V. (Spex) – stayed around as the major product exporter primarily for its condensate output.
The other industry players with offshore product shipments for sale last year had been the oil refiners (i.e. Petron Corporation and Pilipinas Shell) as well as other industry players.
“The oil refiners’ exports accounted for 50.7 percent of the total export mix while the remaining 49.3 percent was accounted to the export of Spex, Liquiga and Petronas,” the department said.
On a per-product basis, the export share of each had been as follows: condensate at 46.4 percent; naphtha at 17.7 percent; fuel oil at 17.0 percent; mixed xylene at 7.3 percent; toluene at 3.8-percent; pygas at 2.9-percent; propylene at 2.0 percent; benzene at 1.8-percent; reformate at 1.2 percent; and liquefied petroleum gas at 0.02-percent.
Read more at http://www.mb.com.ph/malampaya-galoc-oil-exports-grow-10-2-in-2014/#6kFCfUrSEjp1QSVz.99
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