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    Wenchang FPSO on schedule

    News // June 29, 2001
    Husky Oil China Ltd says the Floating, Production, Storage and Offloading (FPSO) vessel for its Wenchang project, the Nanhai Endeavor, was successfully launched in mid-June, two-weeks ahead of schedule.

    The construction of the FPSO was contracted to Dalian New Shipyard. ChinaNational Offshore Oil Corporation (CNOOC) holds a 60 per cent working interest in the Wenchang project. Husky holds the remaining 40 per cent.

    "The Wenchang project in China is proceeding on schedule and on budget,"said John C S Lau, President & CEO of Husky. "Development drilling wascompleted late last month, and actual production is scheduled to start up inthe second quarter of 2002. We're very pleased with the progress we'remaking."

    The Wenchang oil fields are located in Yangjiang 31 and 32 blocks of theWestern South China Sea, 136km east of Hainan Island. The Nanhai Endeavor is 150,000dwt turret-moored FPSO.

    The integration of the FPSO topsides and hull will be completed duringthe third and fourth quarter of 2001, with the installation of the FPSO andthe wellhead platform scheduled for the fourth quarter of 2001.

    Oil production for the project is estimated to have an approximate peakproduction rate of 50,000 barrels per day. Independent consultants haveestimated recoverable reserves at approximately 100 million barrels for theWenchang fields.

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