Husky acquires Exxon's stake in Madura block.
Husky Energy Inc based on Calgary, Canada, has acquired 68.7% of
the stake of ExxonMobil in two gas fields in the Madura strait, East
Java at a price of US$ 50 million. With the deal Husky, which is owned
by Hong Kong tycoon Li Kashing, became the sole owner of the offshore
Madura gas block that includes Madura BD and MDA gas fields. The largest
of the two gas field is Madura BD having a probable reserve of 212
billion cubic feet. Husky already owned 31.3% stake in the gas venture
before the deal was made, the report said. Husky said it plans to
develop the gas fields and hopes to find more business opportunities in
that area by supplying gas to East Java.