Newfield to Participate in Malaysian PSCs; Company Establishes New International Focus Area

abarrelfullabarrelfull wrote on 26 Mar 2015 13:42

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May 25, 2004

Newfield Exploration Company (NYSE: NFX) announced today that its subsidiaries recently signed two production sharing contracts (PSC) offshore Malaysia in partnership with Petronas Carigali Sdn. Bhd., the exploration and production subsidiary of Malaysia's state-owned Petroliam Nasional Berhad (Petronas). The PSCs, signed with Petronas, pertain to two blocks — PM 318 and deepwater Block 2C.

Petronas Carigali will operate the PSC for PM 318, which consists of approximately 400,000 acres, located offshore Peninsular Malaysia. Newfield has a 50% interest in PM 318. The deepwater Block 2C covers more than 1.1 million acres offshore Sarawak and is operated by Newfield with a 60% interest. The partners will acquire and evaluate 3-D seismic data in the next 12 months and are targeting to begin drilling during 2005.

"This transaction establishes a new international growth area for Newfield," said David A. Trice, Newfield President and CEO. "Offshore Malaysia is a prolific hydrocarbon province with good fiscal terms, attractive world markets and growing infrastructure. These blocks contain an interesting portfolio of prospects and leads ranging from low risk, moderate potential to high risk, high potential exposure. Our experience in low cost offshore operations will help us to build a business in Malaysia."

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