THE Philodrill Corp. announced on Tuesday that Galoc Production Co. No. 2 (GPC 2) will exit the Galoc oil production venture following the approval of the Energy department.

In a regulatory filing, the company said it had received from NPG Pty. Ltd., the operator of Service Contract (SC) 14C-1, a copy of the letter from the Department of Energy approving the withdrawal of GPC 2 from their consortium.

The SC 14C-1 block is located offshore northwest of the Palawan basin. The consortium is composed of Philodrill, NPG and Forum Energy Philippines Corp.

Philodrill said the withdrawal of GPC 2 or Kuwait Foreign Petroleum Exploration Co. K.S.C. (Kufpec) from the SC 14C-1 consortium revises the participating interest of Philodrill to 10.18% from 7.21%. The increase is a result of the pro rata assignment by GPC 2 of its withdrawn interest.

In 2021, Kufpec announced its withdrawal from the SC 14C-1 joint venture where it held about 28% working interest.

Block C-1 Galoc has an area of 164 square kilometers and contains the producing Galoc oil field development.

Philodrill is an oil, gas and mineral exploration and development company incorporated in 1969. The company has interests in petroleum exploration and production, financial services, property development, mining and infrastructure development.

At the local bourse on Tuesday, shares in the company closed 2.13% higher to end at P0.0096 apiece. — Ashley Erika O. Jose