Husky downgrades Madura Strait gas, liquids reserves
Wednesday, February 4 2004 - 12:21 AM WIB
Canadian oil, gas company Husky Energy Inc. downgraded its 142.9 billion cubic feet of proved natural gas reserves and 6.4 million barrels of natural gas liquids in Madura Strait PSC in E. Java to ?probable? from ?proved? status.
?The revision reflected the uncertain status of achieving an extension to the production-sharing contract due to the unstable political and economic state of affairs in this area,? the company said in its report released Tuesday.
Husky has 31.3 percent participating interest in ExxonMobil-operated gas block. The block?s contract would expire in 2012. The block?s operator is currently negotiating with state electricity firm PLN to commercialize the reserves. (alex)