Nido pushing ahead with Philippines oil - Breaking News - Business - Breaking News: "Junior West Australian energy developer Nido Petroleum will double the oil production of the Philippines when it opens its first project in the country next year.
Nido holds a stake in the Galoc Project in the Palawan Basin, offshore the northwest of the Philippines, and is expecting to make a full investment decision before the end of June.
Development of the Galoc project was approved by the Philippines Department of Energy earlier this year - the first development approved since Shell's Malampaya gas field was given the green light in 1998.
Managing director David Whitby heralded the approval as a renaissance in the Philippines oil industry.
'We took a position that the Philippines in the Palawan Basin was excellent in late 2004 and have been proceeding to acquire a big position since that time and the other companies are only just starting to come,' he told AAP.
'Prior to 2004/05 there was virtually none (development plans) being awarded and we were the first ones to come back in and say 'we think it's good, we think it's going to improve and we want to do it'.'
Nido has a 22.279 per cent interest in the Galoc field which is expected to start production in the middle of next year with initial output pencilled to be between 7,500 barrels and 10,000 barrels of oil a day.
The Philippines' national output currently sits at around 14,360 barrels a day.
Galoc could generate free cash of between $US40 million ($A54 million) and $US70 million ($A94 million) a year from the second half of next year, depending on where the price of oil heads.
'Nobody wants to forecast the oil price right now, it's too volatile and people just don't know where it's going,' Mr Whitby said.
'I believe the fundament"