Canada based Husky Energy, the 3rd largest oil company in the country, is planning to expand its portfolios by placing more than 26 percent into two projects, namely the natural gas finds off the coast of China and the massive Oil Sands project. These two projects have been the focus of their attention for the past year after the budget was cut drastically due to the economic downfall.
They expect to spend about C$3.1 billion in 2010 to increase oil production from the current 306 000 barrels of oil per day to about 330 000 barrels per day. This is for their largest oil sands project on the go at the moment and for their Asian properties the budget is set at C$660 million, which is an increase of C$140 million. Husky is planning to spend about C$85 billion to advance the Sunrise Oil Sands project in 2010.
Aside from these figures, Husky is also placing various large sums of money into other projects in terms of operations, engineering, manufacture, refinery, and wants to specifically place money into its Toledo and Lima Refineries in Ohio.
Husky Energy is owned by Hong Kong billionaire, Li Ka-shing which plans to separate its Asian holdings next year. This is due to the fact that they want to further develop the huge natural gas discoveries in the Block 29/26. This Liwan gas field was first discovered back in 2006 and is said to hold about 6 trillion cubic feet of gas. Just last week they discovered a similar field called LinHua which they plan to start drilling.
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