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Husky Energy is targeting a new compound annual growth rate of 5 to 8 per cent between 2012 and 2017.Jeff McIntosh/The Canadian Press

Husky Energy Inc. has set a 2013 capital budget of $4.8-billion, a modest increase from the $4.7-billion it expects to spend this year.

The Calgary-based energy company also aims to substantially increase production in the coming years.

This year, it's on track to meet its goal of boosting production by 3 to 5 per cent.

It is now targeting a new compound annual growth rate of 5 to 8 per cent between 2012 and 2017.

Production next year is expected to be between 310,000 and 330,000 barrels of oil equivalent a day, up from the estimated annual production this year of 301,000 barrels a day.

Husky says much of the capital next year will go toward its growth pillars: Southeast Asia, the oil sands and Canada's east coast.