Husky to Explore for New Reserves

Husky Energy Inc. is set to launch a major new exploration effort offshore of Newfoundland, with the aim of finding oil reserves separate from its existing projects, according to a report on www.theglobeandmail.com. The company, with partner and operator Norsk Hydro ASA, are planning to begin drilling by the end of the month in the West Bonne Bay region of the Jeanne D'Arc Basin, just to the northeast of the Terra Nova project. Details are still being finalized, but the two partners have a rig contracted -- and plan to explore for 60 days. That exploration will begin as soon as Husky wraps up drilling near its White Rose project, an effort the company said yesterday will add up to 90 million barrels -- two years of production -- to that project. (Source: www.theglobeandmail.com)