By OGJ editors
HOUSTON, Sept. 19 -- Centrica PLC has agreed to acquire Newfield Exploration Co.'s remaining interests in the UK North Sea for $486.4 million.
The sale is expected to close in the fourth quarter pending UK government approvals. With the sale, Newfield effectively exits from the North Sea.
The sale includes an 85% interest in Grove field, which came on stream in April; an 80% interest in the undeveloped Seven Seas discovery; and an interest in about 200,000 net acres in the Southern Gas basin.
Newfield's production guidance had accounted for this and other divestiture programs and remains 240-253 bcf of gas equivalent for 2007 and 215-230 bcf of gas equivalent for 2008.
