Large natural gasfield discovered offshore China

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Agence France-Presse
Page 16
2009-12-10 12:00 AM

Canada's Husky Energy Inc announced yesterday it had discovered a significant deepwater gas reserve with its Chinese partner CNOOC, renewing exploration hopes in the South China Sea.

Based on preliminary analysis of drilling results, the discovery could provide more than 140 million cubic feet (four million cubic meters) of natural gas a day, the energy company said in a statement.

"This exciting exploration discovery ... is a significant milestone towards our goal of strategic commercial development and production from this promising area," Husky CEO and president John Lau said.

CNOOC Ltd, the Hong Kong-listed unit of CNOOC, also confirmed the discovery in a statement to the Hong Kong stock exchange.

The discovery, in the mouth of the Pearl River about 250 kilometers south of Hong Kong, will nearly double Husky's potential output rate in the area.