Husky Energy outlines 2002 capital spending, most for upstream sector

By the OGJ Online Staff

HOUSTON, Jan. 15 -- Husky Energy Inc., Calgary, plans $1.4 billion (Can.) in capital spending for 2002.

Most of the money, $1.2 billion, will be spent on upstream activities, including $975 million in Western Canada.

"Spending will focus on oil and gas production in the BC Foothills and Northwest Alberta Plains, where Husky has achieved its lowest operating cost and highest netbacks," said the company.

Husky will also accelerate development of its oil sands assets in northeastern Alberta. Delineation drilling is under way in the Athabasca region, and front-end engineering design (FEED} will begin in 2002 (OGJ Online, Apr. 26, 2001).

Capital expenditures in the frontier and international areas are set at $210 million in 2002. Husky will focus on the Terra Nova field project off Canada and the Wenchang field project off China. Both are expected on stream this year.

Husky will spend $130 million on the midstream sector. The category includes $92 million for the Lloydminster Upgrader debottlenecking and a FEED study for its expansion.

In the downstream sector, Husky will spend $82 million on asset maintenance and optimization, including $20 million for the maintenance of refinery and retail assets; $14 million on refinery upgrades; and $40 million on asset optimization including asphalt storage facilities, retail outlets upgrading, and technology investment.

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