Canada: Husky Energy Announces USD 4.7 Billion Capex for 2012

Husky Energy Inc., a Canadian energy company based in Calgary, Alberta announces a $4.7 billion ($4.1 billion net cash) capital expenditure program for 2012 which builds on the momentum achieved over the past year to increase short-term production and supports the continued execution of the Company’s mid and long-term growth initiatives.

“This has been a year of significant progress as we achieved a number of milestones in our growth plan, delivered a solid increase in production, strengthened reserves replacement and reported strong financial results,” said Husky CEO Asim Ghosh. “Our business strategy is on course and demonstrating its ability to deliver value to shareholders. Our 2012 program will build on that progress as we remain focused on execution.”

Approximately 60 percent of the Upstream gross capital expenditure program is directed towards the Company’s growth pillars. Investment in the Sunrise Energy Project more than doubles to $610 million as construction activity ramps up and the project advances towards planned first production in 2014. Just over $1 billion is budgeted for the Asia Pacific Region as fabrication of deepwater and shallow water facilities for the Liwan Gas Project accelerates. Liwan remains on target for first production in 2013/2014.

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Offshore Energy Today Staff, December 2, 2011