Current oil production at Etame marine concession in Gabon is at 18,000 to 19,000 barrels a day.

“We are expanding. Currently, we are producing 18,000 to 19,000 barrels of oil per day. We just recently completed two new platforms in Southeast Etame and Central Etame, where oil production should slowly go up to 25,000 barrels of oil a day by close of 2015,” PetroEnergy vice president Francisco Delfin Jr. told reporters here.

Delfin said the total cost of the expansion of the two platforms and the drilling of two wells at the Gabon concession reached $525 million, with PetroEnergy contributing $13 million.

PetroEnergy holds a 2.525-percent participating interest in the Gabon concession.

He said the consortium had recovered about $323 million of the expansion cost while the increased production would lift PetroEnergy’s revenue stream.

PetroEnergy owns 2.525 percent of the Etame petroleum service contract 93 in Gabon.

Houston-based Vaalco Energy is the operator while the other consortium members are Sojitz Etame Ltd., PanOcean Energy Gabon Corp. Sasol Petroleum West Africa Ltd. and Energy Africa Gabon SA .

“Our revenue stream from Gabon provides us with funds to do more ventures in RP and renewables,” Delfin said.

PetroEnergy said it was also keen on the West Linapacan redevelopment in service contract 14 c2 in northwest Palawan.

“The service contract has undergone some structure shift in terms of operatorship. It was the DOE who sort of transferred the operation to Philodrill from the previous operator. So now, we’re working with Philodrill Corp. to map out a good development plan for West Ginapatan because we believe that among the offshore oil fields in Northwest Palawan. It is the one that has the highest chance of being commercial,” he said.

Alena Mae S. Flores