April 3, 2008 / 12:00 AM / in 11 years

Husky gets nod for North Amethyst oil development

CALGARY, Alberta, April 2 (Reuters) - Husky Energy Inc (HSE.TO) said on Wednesday it has received regulatory clearance for the development of the 70 million barrel North Amethyst oil field adjacent to its White Rose oil project off Newfoundland.

The company, Canada’s No. 3 oil producer and refiner, said the development in the North Atlantic has been cleared by regulators, as well as the federal and provincial governments. Production could begin by late 2009.

North Amethyst is a satellite field to Husky’s 140,000 barrel per day White Rose project and the company will its existing production vessel to exploit the reserves.

Output at White Rose was temporarily suspended on Tuesday because of ice floes in the area, 350 kilometers (217 miles) southeast of St. John’s, Newfoundland.

Husky, majority controlled by Hong Kong billionaire Li Ka-shing, owns a 68.875 percent stake in the White Rose satellite fields while Petro-Canada PCA.TO holds 26.125 percent and the government of Newfoundland and Labrador owns a 5 percent interest. (Reporting by Scott Haggett; Editing by Peter Galloway)

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