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Minister pleased with Husky's increased investment in province's offshore Charles Furey, Minister of Mines and Energy, is pleased with Husky Oil's announcement late yesterday of its purchase of Gulf Canada Resources Limited and Talisman Energy Inc. interests in White Rose, Terra Nova, North Ben Nevis, Nautilus and Mara. "I am pleased that Husky Oil, already one of the largest players in the province's offshore petroleum industry, is purchasing an even greater interest," said Furey. "This additional initial investment of approximately $70 million in our offshore petroleum industry provides a strong vote of confidence for the area's resource potential and for the future of the province's petroleum industry." With Husky Oil opening an office in the province and their announcement of planned exploration in the offshore area earlier this year, it is obvious that Newfoundland's offshore continues to be a key area of interest for the company, said Furey. "Husky Oil is currently conducting an internal study to investigate the feasibility of a multi-pool development strategy for Grand Banks fields that contain approximately 50 to 100 million barrels of recoverable crude oil. This study will investigate the best development strategy for fields of this size either as concurrent or consecutive production scenarios. Husky is moving quickly to evaluate the potential of its discovered resources, and I believe the company's added interest in the area will stimulate further activity in the offshore area." Furey added, that he is pleased to see that Gulf Canada Resources Limited intends to remain an active player in the east coast oil and gas industry by concentrating its efforts on the southwest coast. Contact: Tara Laing, Communications, (709) 729-4890. 1998 06 30 11:45 a.m.
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