Newfield acquires stake in BP's North Sea West Sole area

Newfield Exploration Co. has agreed to explore and develop prospects in the BP Exploration Operating Co. Ltd.-operated West Sole field area in the North Sea's southern gas basin.

Oct. 13, 2004

By OGJ editors
HOUSTON, Oct. 13 -- Newfield Exploration Co. has agreed to explore and develop prospects in the BP Exploration Operating Co. Ltd.-operated West Sole field area in the North Sea's southern gas basin.

Houston-based Newfield identified several prospects on the 125,000-acre exploration area, and it plans to spud an exploration well in early 2005 on Block 47/10. The independent also has an option to drill two additional wells.

In exchange for a 65% working interest, Newfield agreed to pay 100% of the drilling and development costs. The agreement covers segments of Blocks 47/10, 48/1c, 48/6, 48/7a, and 47/7b, excluding the existing West Sole-area fields that produce 100 MMcfed.