Husky to expand exploration off the Newfoundland coast

Husky Energy Inc., the Canadian oil company controlled by Hong Kong billionaire Li Ka-shing, said it will expand exploration off Canada's east coast.

Plans include drilling to boost output from the White Rose field, Calgary-based Husky said yesterday. Satellite fields located off of the east coast of Newfoundland will start production in late 2009 or early 2010, Husky said.

Husky also said it has taken a 35 per cent stake from Norway's StatoilHydro ASA in the Mizzen exploration parcel in the Flemish Pass off Newfoundland's coast. No terms were disclosed.