courtesy Galoc Production Co.

North Sea player, Granby Oil & Gas, declared Monday that financing is in place to develop the Galoc oil find off the northwestern Phillippines with two sub-sea wells and a floating production, storage and offloading vessel, or FPSO.

The $100-million project off the island of Palawan will feature a Jet Drilling drill rig by September-2007 drilling and first oil, some 15,000 barrels per day, in a year.

An Granby business listed in Bahrain, Galoc Production Co., owns 58 percent of the field equity, Nido Petroleum 22 percent. The remainder appears to be a number of joint ventures with Phillippines companies.