CALGARY (Indonesia Today) – Husky Energy reported that offshore Indonesia, two shallow water gas developments in the Madura Strait are being progressed. Four new gas discoveries made offshore Indonesia in 2012 continue to be evaluated for commercial development.
The development plan for the combined MDA/MBH field received regulatory approval in the first quarter. Work on the BD field was advanced with the evaluation of tender bids for a Floating Production, Storage and Offloading (FPSO) vessel and related infrastructure contracts.
In first quarter, cash flow from operations was approximately $1.3 billion, compared to $1.2 billion the previous year. Net earnings of $535 million were achieved despite continuing pressure on heavy oil differentials that saw average benchmark prices for Lloydminster heavy crude fall 22 percent from the fourth quarter of 2012.
Total Upstream production averaged approximately 321,000 barrels of oil equivalent per day (boe/day) with continued Downstream reliability contributing to average throughputs of 327,000 barrels per day (bbls/day) at the Company’s refineries and upgrader. (ferdi@theindonesiatoday.com)