Husky Energy Inc. has reported its first oil production from the White Rose project off the coast of Newfoundland, Canada's third offshore field.
The Calgary integrated oil company says the SeaRose floating production platform began producing its first oil mid-November from the White Rose field, located in the Jeanne d'Arc Basin about 350 kilometres east of St. John's.
"We are pleased that the first oil production has been achieved on schedule and on budget," said John Lau, president and chief executive of Husky Energy. "This is a tremendous accomplishment for Husky Energy and our stakeholders with whom we have worked diligently to ensure this megaproject meets the highest standards of quality and safety."
White Rose is the third Canadian offshore field in Atlantic Canada, joining Hibernia and Terra Nova.
The White Rose field is expected to reach peak production of 100,000 barrels a day in the first half of 2006. An oil tanker is scheduled to take delivery of the first shipment of oil from the SeaRose platform in late November, Husky said.
Husky (TSX:HSE) owns 72.5 per cent of the White Rose development and is the operator. Petro-Canada holds the remaining 27.5 per cent. At peak production, Husky's share of White Rose production is expected to average 67,500 barrels per day. Husky's share of proven and probable reserves for the field is estimated at 165 million barrels.
Husky is one of Canada's major oil companies, with heavy oil and offshore production, natural gas operations and a retail gasoline station network, mainly in Western Canada.
