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Husky profit falls and production rises slightly; Sunrise two-thirds done

The company that runs Sunrise oil sands project saw profit fall and production rise in its first quarter.

Hong Kong run Husky Energy says it’s because of low oil prices.

It says its bottom line fell 9% to 535-million dollars compared to last year.

Its operational cash flow though, increased 8% to $1.3-billion.

It produced 321,000 barrels per day, compared with 320,000 a year ago.

It also says the Sunrise Energy project is about two-thirds done and first production is still on track for next year.

It’s first phase will produce 60,000 barrels per day.

It has regulatory approvals in place to eventually produce 200,000.

It says development for its next phase is underway with early engineering work being done this year.

The project is a joint venture with BP and located 60 kilometres northeast of Fort McMurray.

Husky is controlled by Hong Kong billionaire Li Ka-Shing and produces oil and gas in Western Canada, off Canada’s east coast and in southeast Asia.

May7th, 2013