Husky Energy Inc News

Li Ka-shing to retire after annual general meeting on May 10; will stay on as senior adviser to the group. Hong Kong's richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd on Friday, bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub. Li, 89, will retire after the annual general meeting on May 10, the ports-to-telecoms conglomerate said in a filing to the Hong Kong bourse, passing the mantle to his eldest son Victor Li, who was named successor several years ago. While Hong Kong's adoration of Li Ka-shing and his story has waned somewhat in recent years, he is still stepping aside from one of Asia's most outward-looking empires, spanning more than 50 countries and 323,000 employees at last count.

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a previous barrier and threatened the drinking water of several communities along the coast. The city of North Battleford, which draws its drinking water in part from the North Saskatchewan River, shut its supply intake on Friday and switched to using ground water, provincial officials said in a telephone conference with reporters. Some 1,572 barrels of heavy oil and diluent leaked from Husky Energy Inc's Saskatchewan Gathering System pipeline on Thursday, flowing into the river. The Calgary-based company has shut the line, stopping the leak, and has been working to contain the spill.

U.S. oil refinery managers are going to the mats, literally, during the biggest fight with union workers in 35 years, bedding down for a third strike week that experts and some employees say raises concerns over safety and operations. At the 135,000 barrel-per-day refinery just outside of Toledo, Ohio, run by BP Plc and Husky Energy Inc , most of the nearly 300-person staff have been calling the refinery home since Feb. 9. For the last week, they have slept on recently purchased mattresses inside rental trailers to rapidly respond to any problems and avoid striking workers, sources say. On Tuesday, a van full of washing and drying machines gingerly cut through about a dozen United Steelworkers carrying pickets and walking a strike line at the facility's front gate.

U.S. oil refiners work to recover from weekend glitches, fires. Three of the largest U.S. oil refineries will be working to restore operations on Tuesday after a series of weekend glitches temporarily knocked out some 1 million barrels per day (bpd) of processing capacity, the worse spate of outages in years. A fourth plant, Husky Energy Inc's 155,000-bpd Lima, Ohio, refinery, is not expected back online until the end of the week after a blast at its 25,000-bpd isocracker unit, which sources have said was extensively damaged. The disruptions - which included three fires on Saturday and one shutdown late last week - affected about one-fifth of the refining capacity in the eastern half of the United States, fueling deeper losses in U.S.

Hydrocarbons were encountered while drilling the deepwater Mizzen prospect (EL 1049), located approximately 500 kilometres east-northeast of St John’s, Newfoundland. Further analysis of the well results will be undertaken to determine the potential, and an application for a Significant Discovery License (SDL) will be filed over the coming months. “The drilling operation, conducted at a water depth of 1,100 metres and during the heart of the North Atlantic winter storm season, was very challenging,” said Erik Abrahamsen, StatoilHydro Canada’s vice president of East Coast Operations.

Led by Husky Energy Inc., a handful of companies won development rights on four offshore parcels by committing to spend a total of $186-million to explore them, the Canada- Newfoundland and Labrador Offshore Petroleum Board said yesterday. The successful rights sale has fuelled further optimism in the province's oil and gas industry, which recently celebrated a $7-billion deal to develop the oil field and is expecting 's partners to reach agreement to proceed with the next phase of that first offshore project. Oil companies were last active in the region in the late 1970s and early 1980s – spurred by federal grants under the National Energy Program – and made five significant discoveries of gas.

Husky Energy Inc. reported net earnings of $126 million ($0.29 per share) in the first quarter of 2002, compared with $192 million ($0.42 per share) in the same quarter of 2001. Cash flow from operations in the same period was $373 million ($0.87 per share), down from $620 million ($1.46 per share) in the first quarter of 2001. Results for 2001 have been restated to reflect the adoption of the recommendations of the Canadian Institute of Chartered Accountants on foreign currency translation. lower natural gas prices in the quarter. heavy/light crude oil differentials and a lower income tax provision. “The first quarter of 2002 was significant for Husky. announced in March,” said John C.S. Lau, President & Chief Executive Officer.

Husky Energy Inc. announced that it is proceeding with its East Coast exploration drilling program. Husky plans to drill an exploration well in the Jeanne d'Arc Basin, located 217 miles east of Newfoundland and Labrador, on the Trepassey Exploration License (EL 1044). Husky holds a 100 per cent working interest in the license. The Trepassey exploration well is part of Husky's East Coast exploration strategy to identify new opportunities offshore Newfoundland and Labrador. The exploration well will test the oil potential of a large structure approximately 6 miles south of the White Rose oilfield. The company holds six additional licenses in the Jeanne d'Arc Basin and anticipates drilling a second well in late 2002 or in 2003. "The East Coast is a core growth area for Husky.

plant for a 133,000 tdw FPSO (floating oil production, storage and offloading) vessel being built for Husky Oil Operations Ltd of Canada. a Wärtsilä gearbox. The main engines have a combined power output of 15,600 kW at 500 rpm. each of 2,430 kW at 720 rpm, for generating sets on board the FPSO. The FPSO vessel is 272 m long by 46 m beam and 27 m deep, with a storage capacity of 940,000 barrels of crude oil. a maximum production rate of 120,000 barrels of crude oil a day. east coast of Newfoundland, Canada, from the second quarter of 2005. The FPSO vessel will operate in a harsh, iceberg prone environment. delivery voyage, and to be able to navigate if the vessel is released from its mooring in the case of a threat of iceberg collision.

Husky Energy Inc. (Husky) announced that time charter contracts have been awarded to Knutsen OAS Shipping A.S. for two newbuild shuttle tankers to transport oil from the White Rose offshore project to market following commencement of production planned for late 2005. Husky is the operator of the White Rose project, the third major oil field development in the Jeanne d'Arc Basin located about 217 miles east of Newfoundland and Labrador. White Rose will be developed using a floating production, storage and offloading vessel (FPSO). Husky awarded contracts for the construction of the FPSO vessel in April. Husky and Petro-Canada, as co-charterers, signed the shuttle tanker time charter agreements with Knutsen OAS Shipping A.S. of Haugesund, Norway as owner.

Husky Energy Inc. said that Geoff Barlow, Vice President & Chief Financial Officer, is resigning from Husky to pursue other interestsBarlow will remain with Husky through August 7, 2007, managing the completion of the second quarter interim statements and all related regulatory filings.

Husky Energy Inc. Norsk Hydro Canada Oil & Gas say they have found new energy deposits near the Terra Nova oilfield off the East Coast. Calgary-based Husky and Norwegian-owned Norsk Hydro said late Tuesday that offshore drilling in the Jeanne d'Arc Basin off the coast of Newfoundland and Labrador had found hydrocarbons near Terra Nova, Canada's second major offshore field after Hibernia. The companies said the West Bonne Bay F-12 well is about 320 kilometres southeast of St. John's. Under a farm-in agreement with Norsk Hydro, Husky drilled the well to a depth of 4,666 metres and also drilled a sidetrack well to determine the size of the oil reservoir. Both wells showed energy deposits in the Upper Hibernia formation, the companies said.

Husky Energy Inc. of 2005. equivalent per day in the third quarter of 2005. barrels per day in the third quarter of 2005. day in the third quarter of 2005. Pool. Government's Innovative Energy Technologies Program. Lake, Alberta, was completed on-schedule and under its $500 million budget. November 2006. production of more than 30,000 barrels per day. work targeted to be complete by the third quarter of 2007. continues to evaluate alternatives for the downstream portion of the project. Projects. evaluated. During the third quarter, Husky acquired 46,080 acres of oil sands leases through Alberta land auctions, which added to our holdings in the Saleski area. averaged 104,700 barrels per day, with 75,900 barrels per day net to Husky.

The Canadian Press has reported that Husky Energy Inc. has made a sizeable new hydrocarbon discovery in western section of its White Rose oilfield located off the shore of Newfoundland. The energy firm said Tuesday that current data suggests the discovery could contain a potential recoverable resource of several million barrels of oil. This potential recoverable resource is in addition to the gross proved and probable reserves of approximately 240 million barrels recognized in the White Rose oilfield at the end of 2005, the company said. The company said that they expect this discovery will significantly extend the production plateau and field life of the White Rose oilfield. Additional wells are planned over the next few years.

Husky Energy Inc. is set to launch a major new exploration effort offshore of Newfoundland, with the aim of finding oil reserves separate from its existing projects, according to a report on www.theglobeandmail.com. The company, with partner and operator Norsk Hydro ASA, are planning to begin drilling by the end of the month in the West Bonne Bay region of the Jeanne D'Arc Basin, just to the northeast of the Terra Nova project. Details are still being finalized, but the two partners have a rig contracted -- and plan to explore for 60 days. That exploration will begin as soon as Husky wraps up drilling near its White Rose project, an effort the company said yesterday will add up to 90 million barrels -- two years of production -- to that project. (Source: www.theglobeandmail.com)

Husky Energy Inc.’s first-quarter net income rose 36 percent on higher oil prices and output, Bloomberg reported. Net income rose to $457m from $336m a year earlier. Net sales climbed 48 percent to $2.7b from $1.8b a year earlier. The company's daily oil output increased 16 percent to 239,400 barrels as White Rose came online last November. Gas production rose 1.3 percent to 685.4 million cubic feet a day from a year ago. Husky said its oil sold for $39.47 a barrel in the quarter, up 28 percent from $30.83 a year earlier. (Source: Bloomberg)

Calgary-based Husky Energy Inc. said it will spend $298.5 million on its East Coast operations, including exploration and that it had acquired rights to two more parcels in the Jeanne D'Arc Basin, the area in which its White Rose project is located. Husky has promised to spend $31.1million over the next five years in those newly acquired areas, accounting for the large majority of the $33.8 million bid in exploration rights in the 2005 sale. The company's effort for this year includes work to delineate the reservoirs feeding the White Rose project, which began producing oil late last year. Discoveries on that part of the effort could be tied into existing infrastructure.

CNOOC Ltd.’s unlisted parent company plans to start deep water oil and gas exploration in the South China Sea with Canada's Husky Energy Inc. next year, according to AP report. If the scheduled exploration finds sizable reserves in a bloc in the South China Sea about 185 miles south of Hong Kong, it will be China's first deep water oil and gas field. CNOOC's parent company is currently restricted to pumping oil and gas offshore at no deeper than 350 m, because of the technology currently available to it. According to the report, CNOOC previously signed a production sharing contract with Husky, an integrated oil and gas producer, to jointly explore and develop two deep water blocs in the South China Sea.

Husky Energy Inc. will release its first quarter results on Wednesday, April 23, 2003. A conference call for analysts and investors will be held later that day at 4:15. John C.S. Lau, President & Chief executive Officer, Donald R. Ingram, Senior Vice-President, Midstream & Refined Products and Neil D. McGee, Vice- President & Chief Financial Officer will be hosting the call.

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.

Husky Energy Inc. has awarded a $250 million contract for the subsea production system for the White Rose oil field project, located 217 miles off the east coast of Newfoundland and Labrador. The contract covers the design, supply and installation of the subsea system for the White Rose project. Husky plans to use a floating production, storage and offloading (FPSO) vessel to develop the offshore field. The subsea production system includes a total of 42 kilometres of flexible risers, flowlines and umbilicals, five subsea manifolds, up to 21 Christmas trees and wellheads distributed across three Glory Hole sites. Glory Holes are depressions in the ocean floor excavated to provide protection for the subsea production equipment.