Under the all-stock transaction, valued at $23.6 billion, the new organization will operate as Cenovus Energy Inc. and remain headquartered in Calgary.
It will be Canada’s third largest oil and natural gas producer, with around 750,000 boe/d including 50,000 boe/d from offshore Asia/Pacific fields.
Husky’s offshore interests in the Atlantic offshore Newfoundland and Labrador include the White Rose, Amethyst, West White Rose and South White Rose fields, all produced through the SeaRose FPSO.
Last month the company announced a review of the West White Rose project in light of developments this year. West White Rose is being developed via a newbuild fixed wellhead platform.
In the Flemish Pass basin, Husky is a partner in the Mizzen, Harpoon, Bay du Nord, and Baccalieu discoveries.
Offshore Hong Kong, the company and CNOOC operate respectively the deepwater and shallow water facilities for the Liwan Gas Project.
Husky also has a production-sharing contract for the 15/33 exploration block in the Pearl River Mouth basin offshore China, where development planning is in progress following successful drilling and testing of the XJ34-3-2 exploration well.
In the Madura Strait offshore Indonesia, Husky’s interest includes the producing liquids-rich BD project and development of the shallow-water MDA-MBH and MDK fields, which are all operated by CNOOC.
The BD project achieved first production in 2017. The MDA-MBH and MDK fields are being developed in tandem, with first gas anticipated in the 2022-2023 timeframe.
Further gas discoveries in the Madura Strait are under evaluation for development.