HOUSTON, May 25, 2004 /PRNewswire-FirstCall via COMTEX/ -- 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."
Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company relies on a proven growth strategy that includes balancing acquisitions with drill bit opportunities. Newfield's areas of operation include the Gulf of Mexico, the U.S. onshore Gulf Coast, the Anadarko and Arkoma Basins and select international ventures.
Newfield Exploration Company For information, contact: 363 N. Sam Houston Parkway East, Ste. 2020 Steve Campbell Houston, TX 77060 (281) 847-6081 http://www.newfld.com email@example.com
SOURCE Newfield Exploration Company
Steve Campbell of Newfield Exploration Company, +1-281-847-6081, or firstname.lastname@example.org