Sapurakencana Petroleum Berhad Signs Share Purchase Agreement With Newfield Exploration Company

abarrelfullabarrelfull wrote on 18 Feb 2014 07:42
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22 October 2013

SapuraKencana Petroleum Berhad today announced the signing of a share purchase agreement to acquire all of Newfield Exploration Company’s equity interests in Newfield Malaysia Holdings for a total cash consideration of US$ 898 million, which is expected to close in early 2014. The agreement is subject to the approval of Petroliam Nasional Berhad (PETRONAS), the approval of SapuraKencana’s shareholders and other customary closing conditions.

“This acquisition will further strengthen and diversify SapuraKencana Group’s business portfolio. The transaction will enable SapuraKencana Petroleum to gain an immediate foothold and recognition as an upstream resource owner and operator,” said Tan Sri Dato’ Seri Shahril Shamsuddin, President and Group CEO of SapuraKencana Petroleum Berhad. “The profitable Newfield Malaysia business has an excellent HSE and operational track record backed by a strong execution team and cash generating assets (about 23,000 bpd Net Production 2012).”

“In essence we are acquiring a proven oil and gas operator with a balanced portfolio of producing and discovered fields and exploration assets in Peninsular and Sabah & Sarawak. As a field owner and operator, this business will require different set of operating principles and as such we will manage this new business division separately as an independent subsidiary. We are confident that we will be able to grow the business further and provide a unique value proposition to our partners,” Tan Sri Dato’ Seri Shahril Shamsuddin added.

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The transaction will close after all customary closing conditions have been satisfied.


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