May 29, 2017 / 1:41 PM / a year ago

Husky Energy approves West White Rose project

May 29 (Reuters) - Canadian oil and gas producer Husky Energy Inc said on Monday it is proceeding with its $2.2 billion West White Rose project in offshore Newfoundland and Labrador.

Husky said that first oil is expected in 2022 and could achieve a gross peak production rate of about 75,000 barrels per day (bpd) by 2025.

For the project, the company said it would use a fixed wellhead platform tied to the SeaRose floating production, storage and offloading vessel.

The company has previously said it will consider a sanction decision for the West White Rose field, a satellite of White Rose, in 2017.

Reuters reported in February, citing people familiar with the matter, that Husky was mulling paring down its stakes in some of its Eastern Canadian offshore assets, in a move that could fetch several billion dollars.

Husky’s offshore assets include White Rose, seen as its crown jewel in the region, as well as Flemish Pass and Terra Nova.

The company, which is controlled by Hong Kong billionaire Li Ka-shing, also said that new oil discovery has been made at the Northwest White Rose production area.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Nick Zieminski

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