Husky Energy and Profico Energy Management say that they have discovered about five hundred billion cubic feet of natural gas in Saskatchewan, representing a twenty percent boost in the Canadian province's known reserves, the Regina Leader-Post said yesterday.
Husky Energy, which is controlled by the Hong Kong billionaire Li Ka- Shing, and the closely held Profico made a find near Shackleton in southwestern Saskatchewan, the newspaper reported. Ron Clark, president of government owned SaskEnergy, declined to provide details, except to say it is good news for the province.
Natural gas was first found in the area four decades ago, the Leader-Post reported, citing Clark. Energy companies have become more interested in the region as improvements in drilling technology make it easier and cheaper to retrieve the gas, the newspaper said.
SaskEnergy's transportation arm, TransGas, will spend nine million Canadian dollars ($5.9 million) to build a pipeline to the Shackleton area to link the find to its main network, the newspaper reported.