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Husky to shoot 2-D offshore Greenland
Gary Park For Petroleum News
The Arctic quest by Husky Energy has moved up a notch, with the Hong Kong-controlled company moving ahead with its planned seismic program offshore Greenland.
The Calgary-based company said July 23 that a seismic acquisition vessel, Wavefield Akademic Shatsky, arrived at Nuuk, Greenland, in early July to conduct a 4,200-mile 2-D seismic data program on Blocks 5 and 7.
As operator, Husky holds an 87.5 percent interest in the two blocks.
It said 1,800 miles of 2-D seismic will be acquired on Block 6, where it has a 43.75 percent stake and is partnered with ExxonMobil, later this year.
Husky said a hi-resolution aero-gravity and magnetic survey covering its blocks is about 40 percent complete.
Alberta spending shrinks Greenland is one element of Husky’s strategy to shrink spending in its home base of Alberta as it targets production of 1 million barrels of oil equivalent per day by 2020.
Capitalizing on its experience in the tough environment offshore Newfoundland since the 1980s, Husky plans to broaden its global role, focusing mainly on the offshore, said Chief Executive Officer John Lau.
Although his company will continue to have a heavy concentration on the oil sands, Lau said the offshore is appealing because of its potential for large discoveries, while the per-barrel costs of Alberta conventional reserves are several times higher.
To that end, Husky has turned its attention to Greenland, where it holds more than 13,200 square miles in the waters between Greenland’s west coast and Canada.
Lau said Husky plans to explore its land position in Canadian waters off Labrador in conjunction with its Greenland program.
He said the areas are controlled by governments that are eager to attract exploration, so license terms are attractive, there is little competition and rights are cheap to obtain.
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