UPDATE 2-Husky Energy says Liwan Gas Project on track

Tue May 7, 2013 1:39pm EDT
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* Liwan Gas Project 85 percent complete

* First-quarter adjusted profit fell 3 percent to 56 Canadian cents per share

* Results in line with expectations

By Nia Williams

CALGARY, Alberta, May 7 (Reuters) - Husky Energy Inc , Canada's No. 3 integrated oil company, said on Tuesday its $6.5 billion Liwan Gas Project in the South China Sea was on track to start production in late 2013 to early 2014.

The company also reported a 9 percent drop in first-quarter profit due to lower crude oil prices.

In a conference call with analysts, Husky's Chief Operating Officer Robert Peabody said Liwan was 85 complete and being readied for production. The field lies 300 kilometers (186 miles) southeast of Hong Kong and will supply as much as 500 million cubic feet of gas per day to the Chinese market.

The 30,000-metric-tonne topsides portion of the offshore central platform is set for installation onto the jacket platform in the second quarter.   Continued...