Husky Energy has agreed to develop the Liwan 3-1 and Liuhua 34-2 fields of the Liwan gas project in the South China Sea with China National Offshore Oil Corp (CNOOC).
The project aims to unveil at least three natural gas discoveries on block 29/26, located approximately 300km south-east of Hong Kong.
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The companies have submitted an overall development plant for the Liwan 3-1 to Chinese Government authorities for regulatory approval.
Husky has signed a gas sales agreement with CNOOC Gas & Power Group to sell the gas produced from the Liwan 3-1 field.
Production from the field is expected in 2013 or in 2014 and the company expects to ramp up production at the first two fields to a rate exceeding 300 million cubic feet a day through 2014.
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Upon receiving an approval for the third field, Liuhua 29-1 Husky expects the project to reach gross output of about 500 million cubic feet a day in 2015.
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By GlobalDataThe company has a 49% ownership interest in production from the block and is hoping that production from the region will reach about 50,000 barrels of oil equivalent per day in 2015.
