Investing.com - Financial Markets Worldwide
🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

UPDATE 1-Husky to start further development of Rush Lake thermal oil project

Published 2015-11-18, 08:19 a/m
© Reuters. UPDATE 1-Husky to start further development of Rush Lake thermal oil project
HSE
-

(Adds details)
Nov 18 (Reuters) - Canadian oil producer Husky Energy Inc
HSE.TO said on Wednesday it would start construction to
further develop Rush Lake, its heavy oil thermal project in
Saskatchewan.
Husky began to accelerate its heavy oil thermal developments
in 2010 as part of its plan to reduce oil recovery costs, and
has started production from projects developed as part of the
second phase of this plan.
The initial development of Rush Lake, a 13,000-barrels-a-day
project, was part of this second phase and further development
of this project is part of the third phase of Husky's thermal
project plan.
Husky said Rush Lake 2, a 10,000-barrels-a-day project, is
expected to be the first of the projects in this phase to start
production, in late 2018. The other three projects in this phase
are expected to start between 2019 and 2021.
The company said construction resources would be moved to
Rush Lake 2 once work on three heavy oil thermal projects under
phase two of its thermal portfolio are completed.
Husky said Edam East, one of the three projects, is
scheduled to begin production in the second quarter next year, a
quarter ahead of schedule.
The other two projects, Vawn and Edam West, are expected to
begin production in the third quarter, also a quarter ahead of
schedule, Husky said.
These three projects and Rush Lake 1 form part of phase two
of Husky's thermal portfolio and are expected to help the
company's total thermal-based output reach about 80,000 barrels
per day by the end of 2016.
Husky used to produce 18,000 barrels per day using thermal
methods in 2010.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.