Husky Energy (TSX:HSE) announced Thursday the discovery of an additional 190 million barrels of recoverable crude in the White Rose field.
Memorial University economist Wade Locke told a Harris Centre symposium on Wednesday, White Rose was the cheapest of the three fields to bring on stream. Early pay off of development costs will move the White Rose field to a higher royalty tier for the provincial government than it current receives.
Husky's announcement effectively prolongs the period in which the Government of Newfoundland and Labrador will receive the higher tier - 30% - royalties on each barrel of crude produced.
