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Husky Energy oil and gas exploration summary

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31 October 2018

Husky Energy oil and gas exploration summary

Report summary

Husky's geographic focus has remained consistent over the last decade, and its upstream foundation remains Western Canadian heavy oil. The company is offsetting decline and rejuvenating its legacy assets by using enhanced production techniques as well as incorporating new unconventional plays. Its Western Canada strategy is shifting towards growth through short-cycle resource plays while maximising margins. Conventional exploration is geographically focused offshore Canada (oil) and in Asia (piped gas). Full-cycle returns have suffered from commercialisation challenges, whether that is gas pricing or remote location. There is upside to the current returns of 6% from promising discoveries in Canada's deepwater Flemish Pass. Husky's large and diversified portfolio of onshore heavy oil, conventional oil sands and offshore projects enable the company to maintain a focused exploration programme that complements its existing portfolio of growth opportunities.

Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration outlook
      • SWOT grid
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
    • Resource additions for two types of asset are tabulated below - conventional new field discoveries and organic unconventional plays.
      • Key organic unconventional plays
  • Production
    • Deepwater frontiers opened from a shallow water base
      • China's flagship gas project
      • Flemish Pass - a new hub in a legacy area?
    • Upside from Indonesian gas
    • Large resource potential in Canadian unconventionals

Tables and charts

This report includes 24 images and tables including:

  • Basins drilled and all conventional & organic unconventional discoveries 2008-2017
  • Ten year performance summary
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Full-cycle economics
  • Net active exploration acreage by water depth
  • Net active conventional acreage by country
  • Gross conventional exploration & appraisal wells by basin and sector (2008-2017)
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top discoveries (2008 to 2017)
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Value creation by reserve category
  • Value creation by water depth
  • Strategy: Table 1
  • Reserves and resources: Table 2
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin

What's included

This report contains:

  • Document

    Husky Energy oil and gas exploration summary

    PDF 1.08 MB

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