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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.
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Title Annotation:Husky Energy Inc., Exxon Mobil Corp.
Comment:Husky acquires Exxon's stake in Madura block.(Husky Energy Inc., Exxon Mobil Corp.)
Publication:Indonesian Commercial Newsletter
Article Type:Brief Article
Geographic Code:1CANA
Date:Nov 9, 2004
Words:126
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