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17

CNOOC Gets 50 Pct Stake In Husky Energy

The country's third largest oil company, China National Offshore Oil Corporation, CNOOC, has come to an agreement to acquire half of a subsidiary of Calgary-based Husky Energy Inc for $125 million to enable it to join the development of gas and natural gas liquid fields in Indonesia

The country's third largest oil company, China National Offshore Oil Corporation, CNOOC, has come to an agreement to acquire half of a subsidiary of Calgary-based Husky Energy Inc for $125 million to enable it to join the development of gas and natural gas liquid fields in Indonesia.

Husky Energy said Thursday that CNOOC Ltd will have a 50 percent interest in its unit Husky Oil (Madura) Ltd, which owns gas and natural gas liquid fields in Madura Strait, north of East Java.

CNOOC Ltd will jointly develop the fields with Husky Energy and also participate in further development and exploration of the Madura Straits under a production-sharing contract.

In 2007, Husky signed three gas sale and purchase agreements for the sale of 100 million cubic feet per day of natural gas from the Madura BD field to East Java buyers, said the Canadian company.