OREANDA-NEWS. Husky Energy continued to drive forward its growth plans in the third quarter as it announced a significant oil discovery offshore Newfoundland and Labrador and advanced the landmark Liwan Gas Project in the Asia Pacific Region closer to first production.

"Our business continues to deliver consistent results across the board," said CEO Asim Ghosh. "We are hitting our targets and making steady progress towards executing our important milestones."

Cash flow from operations was approximately CAD 1.35 billion, compared to CAD 1.27 billion in the third quarter of 2012. Net earnings of CAD 512 million were comparable to CAD 526 million in the same period last year.

Total Upstream production was approximately 309,000 barrels of oil equivalent per day (boe/day). This takes into account the scheduled six-day routine maintenance program on the SeaRose Floating Production, Storage and Offloading (FPSO) vessel as well as an ongoing planned reduction in dry gas production. Total oil and liquids production was 224,000 barrels per day (bbls/day), compared to 194,000 bbls/day in the third quarter of 2012, which reflects the planned SeaRose FPSO turnaround a year ago and increased heavy oil thermal production.

Downstream refineries and the Lloydminster Upgrader realized average throughputs of about 300,000 barrels per day (bbls/day), which takes into account a scheduled 45-day shutdown of the Upgrader for routine maintenance.

The Liwan Gas Project is more than 95 percent complete with commissioning work underway on the central platform and the onshore gas plant. The project is on schedule for first production in the coming months.

Husky and its partner continue to assess the commercial potential of the recent discoveries at Bay du Nord, Harpoon and Mizzen in the Atlantic Region. Husky has a 35 percent working interest in all three discoveries.