Newfield Exploration Reports Pipeline Damage Offshore Malaysia

abarrelfull wrote on 17 Feb 2014 19:42
Tags:

Latest News

• Want a weekly review of refining news?

• This Week in Refining
• RSS Feed

July 12, 2010

Newfield Exploration Company (NYSE: NFX) on Saturday, July 10, determined that an oil pipeline connecting the East Belumut platform on PM 323 to the Tinggi platform (located approximately 17 miles from East Belumut) was damaged by the activities of an unidentified marine vessel unrelated to Newfield's operations. Production from the field is shut in and the leak has been isolated.

East Belumut is located approximately 160 miles offshore Peninsular Malaysia in 240 feet of water. The field was producing approximately 20,000 barrels of oil per day gross prior to shut-in. Emergency response teams are actively working at the site. The Company estimates that repairs to the pipeline will take 6-8 weeks to complete and return the East Belumut field to production. Newfield operates PM 323 with a 60% interest.

Newfield's deferred production in the third quarter of 2010 as a result of the damaged pipeline is estimated to be 0.5 - 0.6 million barrels. Including the impact of the deferred Malaysian volumes, Newfield expects that its 2010 total company production will be at the lower end of its previous guidance range of 283 - 288 billion cubic feet equivalent.

• Newfield Exploration Reports Pipeline Damage Offshore Malaysia

---