Husky to boost production in 2014 as major projects come on stream

CALGARY – Husky Energy Inc. (TSX:HSE) is expecting a jump in production next year as new projects start up.

The Calgary-based energy company aims to produce between 330,000 and 355,000 barrels of oil equivalent per day in 2014, compared to an expected average rate of 312,000 barrels this year.

It says its massive Liwan offshore natural gas project in the South China Sea is in the final stages of commissioning and is expected to start production in early 2014.

The first 60,000-barrel-per-day phase of Husky’s Sunrise oilsands project is slated to start up in late 2014.

Husky and its joint-venture partner BP, plan to expand production at Sunrise in two 70,000-barrel-per-day future phases, eventually bringing total production at Sunrise to 200,000 barrels per day.

Husky, majority-owned by Hong Kong billionaire Li Ka-shing, has set a 2014 capital budget of $4.8 billion, compared to the $5 billion it expects to spend this year.