CALGARY (Yosefardi) – Husky Energy is on track to achieve substantial production growth in 2014, supported by consistent performance from all segments of the business and commencement of production from the landmark Liwan Gas Project.
Production in 2014 is expected to be in the range of 330,000 to 355,000 barrels of oil equivalent per day (boe/day), compared to an estimated average annual production of 312,000 boe/day in 2013.
The Company is on track to meet its five-year compound annual production growth target of 5-8 percent through 2017. The capital expenditure program for 2014 is $4.8 billion, compared with a forecast of $5.0 billion for 2013. Approximately $4 billion of the budget is expected to be spent in Upstream.
Husky has made a new natural gas discovery in the Madura Strait offshore Indonesia. The well is in the vicinity of a planned shallow water development and can be tied directly into the infrastructure. This follows on the four shallow water gas discoveries made in the Strait in the 2012 drilling program.