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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Stronger Panamaxes Boost Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments.

Egypt: Suez Canal Zone to Make Up 30-35% of Economy

Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt's economy, the country's investment minister said on Thursday.

Australia Announces Patrol Boat Tender

Tender announced for Pacific Patrol Boat Replacement Project   The Australian Government announced a Request for Tender (RFT) to replace the Pacific Patrol Boats

Energy

Lamprell Delivers Jackup Rig to Greatship

Lamprell announced it has completed construction on jackup drilling rig Greatdrill Chaaru, delivering the rig to Greatship Global Energy Services Pte. Ltd.    Greatdrill

Gulf of Mexico Sees First LNG-powered OSV

A special Offshore Supply Vessel (OSV) has been delivered to Shell for its deepwater operations in the Gulf of Mexico.   The vessel, Harvey Energy, is chartered

Port of Rotterdam 2014 Profit Dips

The Port of Rotterdam Authority said on Thursday its net profit for 2014 fell 4.9 percent to 215 million euros ($237 million) on higher financing costs. Europe's

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair
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: 0.2345 sec (4 req/sec)