Husky Energy to spin off Asian assets

By OGJ editors
HOUSTON, Apr. 22 -- Husky Energy Inc. confirmed plans to spin off its southeast Asian oil and gas assets into a new company. The timing and value of the proposed transaction was not discussed.

Husky Pres. and Chief Executive Officer John Lau said he outlined the plan during a board meeting before his company's annual general meeting in Calgary on Apr. 21.

The spinoff company will have a separate board and management from Husky, which has partnered with China National Offshore Oil Corp. in developing properties in the South China Sea and the Madura gas project in Indonesia.

Husky operates Liwan field in the South China Sea.