May 27, 2010 / 7:29 PM

Australian firm in Filipino oil field venture

MANILA, Philippines, May 27 (UPI) -- Australian firm Nido Petroleum Ltd. is expecting to have its Filipino Tindalo oil field in Northwest Palawan online within two weeks.

Filipino Energy Undersecretary Ramon Oca told reporters about the project, "Most probably (the first oil) will be this weekend or next week," The Manila Times reported Thursday.

Oca added that once Nido Petroleum Ltd. resolved its technical issues and began producing oil from the field, it would then subject Tindalo to a "series of closing and opening of the valves to do tests to gather data" to determine if the field is commercially viable.

Nido Petroleum Ltd. had hoped to begin production at Tindalo Tuesday but encountered technical problems in getting the field online.

Nido Petroleum Ltd. estimates that Tindalo contains recoverable oil volumes of 5.1 million to 9.1 million barrels and expects once the field comes online to produce oil at a rate of 7,000 to 15,000 barrels per day.

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