[Canada] White Rose

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escveritas
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[Canada] White Rose

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Husky's focus offshore Newfoundland and Labrador is in the Jeanne d'Arc Basin, home to the White Rose oil field.

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On the eastern edge of the White Rose field are the North Amethyst, West White Rose and South White Rose extensions. All producing fields use the SeaRose floating production, storage and offloading (FPSO) vessel.

In September 2020, Husky announced a review of the West White Rose Project. The review follows the suspension of major construction activities in March due to the COVID-19 pandemic and the Company's capital re-prioritization following the global economic downturn. Learn more at: www.supportNLjobs.ca.

The West White Rose Project is being developed using a fixed wellhead platform.

In the Flemish Pass Basin, Husky and its partner have made discoveries at Mizzen, Harpoon, Bay du Nord and Baccalieu. Husky holds a 35 percent working interest in these discoveries.

Canada-Newfoundland Benefits Agreement

Benefits from offshore petroleum projects include taxation, royalty revenues, employment and business opportunities.

Husky provides companies from Canada and from Newfoundland and Labrador with the opportunity to participate in its projects, on a commercially competitive basis, consistent with the objectives of the Atlantic Accord. Husky encourages the participation of designated groups (women, Aboriginal peoples, persons with disabilities and members of visible minorities), and corporations or cooperatives owned by them, to supply goods and services. Pre-qualified companies will be required to complete a Canada/Newfoundland and Labrador Benefits Questionnaire at the bid stage.

Provincial residents are given first consideration for training and employment opportunities. Benefits to Canada and to Newfoundland and Labrador are outlined in Husky's White Rose Benefits Plan and subsequent amendments.
escveritas
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Re: [Canada] White Rose

Unread post by escveritas »

Project Overview

Husky is the operator and majority owner of the White Rose field and satellite extensions. The original White Rose field was developed using subsea technology, consisting of three drill centres tied back to a floating production, storage and offloading (FPSO) vessel. Production is provided by subsea wells in the Southern and Central drill centres while surplus gas is re-injected into the Northern Drill Centre for future extraction. The North Amethyst and South White Rose extensions all produce back to the SeaRose FPSO. The West White Rose Project will access further resources to the west of the field, using a fixed drilling rig tied back to the existing SeaRose FPSO.
escveritas
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Re: [Canada] White Rose

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Suncor to record impairment charge on White Rose assets

CALGARY, Alberta, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Suncor today advised that it will record in the fourth quarter of 2020 a non-cash after-tax impairment charge of approximately $425 million on its share of the White Rose asset and West White Rose Project.

While the asset is currently producing, the West White Rose Project was intended to access 200 million barrels (gross) of crude oil and extend the life of the White Rose field by approximately 14 years. However, the recent acquisition of the operator has cast significant doubt on the future of the West White Rose Project. Discussions are ongoing with the operator and various levels of government to determine the future of the project. The Government of Newfoundland and Labrador has agreed to provide some support for the West White Rose Project in 2021.

Suncor’s 2021 guidance remains unchanged as the White Rose field will remain on line producing as expected and Suncor’s guidance did not include any major capital spend on the West White Rose Project in 2021.

The White Rose asset joint venture owners are Cenovus (operator, 72.5%,) and Suncor (27.5%). The West White Rose Project joint venture owners are Cenovus (operator, 69%), Suncor (26%) and Nalcor (5%).
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