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Husky's White Rose Oil Field Shut for Third Day on Heavy Ice

By Sonja Franklin and Alexander Kwiatkowski

April 3 (Bloomberg) -- Husky Energy Inc., the Canadian oil company controlled by Hong Kong billionaire Li Ka-shing, kept its White Rose field off Newfoundland and Labrador shut for a third day because of heavy ice in the area.

About 30 workers have been moved off the Searose floating storage and production vessel that services the field, company official Margaret Allan said by telephone today.

``Production is still shut in,'' she said. ``We are actively monitoring and managing the ice offshore.'' She didn't give an estimate for when production may resume.

Husky shut White Rose, about 218 miles east of the provincial capital St. John's, on April 1 on concern pack ice near the filed may damage facilities. The field was producing the equivalent of 130,000 barrels of oil a day before the shut- in and has the capacity to pump 140,000 barrels a day.

Husky is the operator of White Rose, with a 72.5 percent interest. Petro-Canada, the country's third-largest oil company, holds the remaining 27.5 percent stake.

Hutchison Whampoa Ltd., Li's biggest company, holds about 35 percent of Calgary-based Husky's stock. Li owns about 71 percent of the Canadian oil producer through shares held by his family plus at least one other company.

To contact the reporter on this story: Sonja Franklin in Calgary at sfranklin6@bloomberg.net; Alexander Kwiatkowski in London at akwiatkowsk2@bloomberg.net

Last Updated: April 3, 2008 06:45 EDT

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