Husky Energy's South China Sea Discovery
Husky Energy, one of Canada's largest energy companies, has announced a significant natural gas discovery while conducting test drilling in the South China Sea.
Hong Kong billionaire (and sometimes Vancouver resident) Li Ka Shing's Hutchison Whampoa is majority stakeholder in Husky. There have been rumours floating around for years about a possible take over by a Chinese energy company such as CNOOC or CNPC, but as of yet nothing has come of them. Finds such as this one with energy resources close at home to the Chinese market will likely fuel more speculation of such takeover possibilities.
Link: http://www.forbes.com/business/feeds/afx/2006/06/15/afx2816640.html