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Canada’s Husky Energy Greenlights $1.6 Billion Offshore Project

Husky Energy greenlighted the offshore West White Rose project on Monday, despite concerns that its high costs would lead to undesirable financial results in current bearish markets, according to a new report by Reuters.

The Canadian company says it expects first oil from the long-delayed project by the year 2022, after which the site will reach peak production at 75,000 barrels per day by 2025.

Hong Kong billionaire Li Ka-shing, who owns a controlling stake in Husky, announced a new discovery in the White Rose production area this week.

Husky has been active in China’s oil and gas extraction market as well, scoring a deal to drill two exploration wells in Block 16 of the South China Sea last year.

Last year, the company reported a new partnership with two other firms, which generated US$1.7 billion in proceeds. The partnership, called Husky Midstream Limited Partnership, includes Husky with a 35 percent stake, Hong Kong-based Power Assets Holdings with a 48.75 percent stake, and Cheung Kong Infrastructure Holdings with a 16.25 percent stake. The new entity will operate some of Husky’s midstream assets in the region of Lloydminster.

In 2016, Husky also made the news for a 200,000-250,000 liter leak in the North Saskatchewan River, which led to a pipeline closure. A couple of months ago, the company reported yet another leak, this time from a pipeline in Alberta, according to a company spokesman, where 25,000 liters of oil were spilled and are now in the process of being cleaned up. Soon after, Saskatchewan authorities said they planned to strengthen regulations regarding pipelines near water, and as part of this, they would review the designs of existing pipelines.

By Zainab Calcuttawala for Oilprice.com

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