REFILE-First oil at Philippines' Galoc field by earliest end-May

(Refiles to correct spelling of Philippines)

SINGAPORE, May 12 (Reuters) - The Philippines' newest oilfield, Galoc, will come on stream at the earliest by the end of May, more than a month behind target, equity producer Otto Energy (OEL.AX: Quote, Profile, Research, Stock Buzz) said in a release on Monday.

Australia-based Otto Energy said in a press statement the Rubicon Intrepid Floating, Production, Storage and Offloading System (FPSO) arrived at the offshore field on Sunday.

Galoc Production Co. (GPC), which operates the 17,500 bpd field, has advised a three-week hook schedule, the company added.

"It is anticipated that these activities will take approximately three weeks with the target of achieving first oil by the end of the month," GPC said in an attached release that was issued on Sunday.

The first cargo of crude is anticipated for mid to late June but was not heard marketed yet.

First oil had been expected in the third week of April, senior officials said earlier this year, already slightly behind schedule for a first-quarter launch.

The Galoc field holds deep significance, not only for the Philippines whose meagre output it will hike by some 70 percent to slightly more than 40,000 bpd, but also for Otto Energy and Nido Petroleum (NDO.AX: Quote, Profile, Research, Stock Buzz), two small independent Australian companies that have bet on underexplored Philippines.

Galoc will be Otto Energy's first oilfield to come onstream.  Continued...