Husky Begins Oil Production and Expands Activities

Monday, September 23, 2002
Husky Energy Inc. announced that it has signed petroleum contracts for two additional exploration leases in the South China Sea. Both are located in the Beibu Gulf, north of Hainan Island and within 80 kilometres of the Weizhou oil fields. The agreement includes exploration lease 23/15, which is 1,327 sq. kilometres, and exploration lease 23/20, which is 1,543-sq. kilometres. A single exploration well is required in each contract area in the first three years of the contract. Husky also reported that production from the Wenchang 13/1 and 13/2 oil fields in the South China Sea has exceeded 60,000 barrels of oil per day (bopd). Production commenced in July 2002 and estimated peak production was 50,000 bopd. Further analysis of the production data is required to determine whether estimates of daily production rates and recoverable reserves will be revised. Husky has a 40 percent interest in Wenchang, which is located in the Pearl River Mouth basin about 140 kilometres east of Hainan Island and 400 kilometres southwest of Hong Kong. The China National Offshore Oil Corporation (CNOOC Ltd.) holds the remaining 60 percent. "The Wenchang project was developed on time and within budget. To date, production exceeds our expectations," said Mr. John C.S. Lau, President and Chief Executive Officer of Husky Energy. "The production from the Wenchang development gives Husky a strong focus and strategic position to develop new opportunities in the South China Sea." Husky will proceed with an exploration program on the 39/05 offshore lease that surrounds the Wenchang fields. Husky signed the petroleum contract and participation agreement for 39/05 in July 2001. A drilling program involving two or three wells will commence by the end of 2002 or in the first quarter of 2003. Exploration targets within the 5,700-sq. kilometre lease include fields that could be brought into development using Wenchang facilities. Husky holds a 100 percent working interest in 39-05 during exploration and is the operator. CNOOC has the right to participate in any development program with a 51 percent interest.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

Energy

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1982 sec (5 req/sec)