Newfield to participate in Malaysian PSCs, establish new focus area

By OGJ editors
HOUSTON, May 27 -- A subsidiary of Houston-based independent exploration and production firm Newfield Exploration Co. signed two production-sharing contracts (PSCs) off Malaysia in partnership with Petronas Carigali Sdn. Bhd., the exploration and production subsidiary of Malaysia's state-owned Petronas. The PSCs pertain to two blocks: PM 318 and deepwater Block 2C.

Petronas Carigali will operate the PSC for PM 318, which covers about 400,000 acres off Peninsular Malaysia. Newfield holds a 50% interest in PM 318. Deepwater Block 2C covers more than 1.1 million acres off Sarawak and is operated by Newfield with a 60% interest.

The partners will acquire and evaluate 3D seismic data over the next year and are targeting to begin drilling in 2005.

"This transaction establishes a new international growth area for Newfield," said David A. Trice, Newfield president and CEO. "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."

Related Articles

Newfield completes sale of Malaysian business

02/11/2014 Houston independent Newfield Exploration Co. has closed on the sale of its business offshore Malaysia to SapuraKencana Petroleum Bhd. for $898 mill...

BLM extends comment period for Monument Butte gas project draft EIS

02/03/2014 The US Bureau of Land Management will provide an additional 30 days for public comments on the draft environmental impact statement for Newfield Ex...

Newfield to sell offshore Malaysian business for $898 million

10/22/2013 Houston independent Newfield Exploration Co. has signed a share purchase agreement to sell all of its equity interests in Newfield Malaysia Holding...

Newfield, Hess plan Marcellus joint venture

10/14/2009 Newfield Exploration Co. and Hess Corp. plan to start drilling in 2010 on a joint exploration venture to exploit gas in Devonian Marcellus shale in...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected