Husky expects higher oil production in 2013

Mon Dec 3, 2012 8:20am EST

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Dec 3 (Reuters) - Husky Energy Inc, Canada's No.3 integrated oil company, said it expects higher output in 2013 as it increases oil production and cuts back on natural gas.

Husky, controlled by Hong Kong billionaire Li Ka-shing, said it expects to produce 310,000 to 330,000 barrels of oil equivalent per day (boepd) in 2013.

The forecast includes a planned decrease in natural gas production and an increase in light, medium and heavy oil production, reflecting the shift to higher netback opportunities, Husky said in a statement.

The company, which also has operations in South China Sea, said output for this year is estimated to average at 301,000 boepd. It had earlier forecast 290,000 to 315,000 boepd.

The company, known for its Husky and Mohawk-branded gas stations, said its Pikes Peak South and Paradise Hill heavy oil projects in Saskatchewan were producing above their capacity.

Husky shares, which have gained 24 percent in the last six months, closed at C$27.88 on the Toronto Stock Exchange on Friday.

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