Husky Energy says $2.2 billion offshore project will create 250 jobs

Claudine Rigal
Mai 31, 2017

Direct benefits will include more than $3 billion in royalties, equity and taxes.

"We'd like to start work nearly immediately".

For the project, the company and its partners will use a fixed wellhead platform tied to the SeaRose floating production, storage and offloading vessel.

Production is expected to peak at 75,000 barrels per day several years after production commences, which is 40 per cent more that earlier projections.

"This is a significant day for the province", said Premier Dwight Ball. Crude settled Tuesday at $49.66 per barrel.

Oil was trading for just below US$50 per barrel on Tuesday. That initial amount was estimated at 230 million barrels.

The company has previously said it will consider a final investment decision for the West White Rose field, a satellite of White Rose, in 2017. "Western Canada has got issues with pipeline capacity which, fortunately, we don't have". Husky has identified at least 14 additional Lloyd thermal developments for potential advancement. It is shown connected to to existing infrastructure in the White Rose field, includin the SeaRose FPSO. Maclean was tight-lipped otherwise, saying the company is still assessing the size of the find. It will employ about 700 people at peak, he said. Design and building of the accommodation module, helideck, life boat stations and flare boom will add hundreds more jobs, he said.

Husky confirmed that the main topside will be built in the Gulf of Mexico, though a contract has not yet been signed. A contractor has not been named. "This is a much larger project today than was discussed in 2013", said Ball.

Environmental activists say such reserves should be left in the ground in favour of cleaner energy sources. In 2014, Athabasca Oil completed the sale of its Dover project to PetroChina for $1.18 billion.

"We have a world right now that still uses oil, still uses petroleum products", Ball said. The Company also has a 13 percent working interest in the Terra Nova oil field and a working interest in 23 Significant Discovery Areas in the region.The Company has a 35 percent working interest in five oil discoveries in the Flemish Pass Basin at Bay du Nord, Mizzen, Harpoon, Bay de Verde and Baccalieu.

First oil from the new Hebron development is to flow later this year.

On Monday, Husky announced it would move ahead with the West White Rose project offshore Newfoundland and Labrador, expecting to invest $2.2 billion with its partners on the project to get to first oil production by 2022.

The project is expected to create about 250 permanent platform jobs once it starts operations.

"It's certainly a boost of confidence for the oil and gas industry".

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