February 11, 2010

Major Gas Find in South China Sea

Husky Energy of Canada confirmed discovery of 4-6 trillion cubic feet of natural gas in an offshore block near Hong Kong. The block is jointly developed by China National Offshore Oil Corp. (CNOOC) (NYSE:CEO) in a production sharing agreement but Husky may spin off the operations into an independent Chinese company listed on the Hong Kong exchange. Production could reach 90 million cubic feet per day and begin as soon as 2013.

CNOOC is also still in talks with French oil major Total to develop oil fields in Lake Albert, Uganda....

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