Husky Energy reported today in its Q3 results that it has commenced work offshore Taiwan. The company has started acquiring 2D seismic data, surveying a deepwater exploration block off the island's southwest coast, at the northern margin of the South China Sea.
Husky signed an agreement with Taiwan's state-run CPC Corp. last December to explore deepwater blocks in the Tainan basin. CPC describes it, in the company's 2013 annual report, as "a move undertaken to diversify exploration risk and introduce advanced deep-sea exploration technology, " and characterized it as "cross-straits cooperation."
Exploration in the Taiwan Strait is also governed by the renewed Tainan-Chaoshan Petroleum Contract. This agreement between Taiwan's CPC and mainland's China National Offshore Oil Corp. (CNOOC) was originally implemented at the end of 2002, expired 21 Dec 2008, then renewed, as the companies strengthened their collaboration.
In its annual report, CPC said that seismic processing and interpretation, subject to the TCP contract, has been completed, including 3300km of new 2D seismic data processing and 800km of old 2D seismic data re-processing.
Husky spokesperson Mel Duvall was unable to provide further details.
Map shows approximate outlines of Tainan basin, courtesy of IHS.
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