Newfield Sells Malaysian Offshore Busines


Old news, yes.

Dateline 2013-10-22, Rigzone:

Newfield Exploration Company plans to sell its equity interests in Newfield Malaysia Holdings to SapuraKencana Petroleum Berhad for $898 million. The deal is expected to close early next year.

“We have enjoyed significant success in Malaysia and had a great business partnership with Petronas in the region,” commented Lee K. Boothby, Newfield Chairman, President and CEO, in a press release. “In early 2013, however, we announced our intent to exit our international businesses and focus our investments on domestic resource plays.”

In April 2013, Newfield made a large natural gas discovery off the coast of Malaysia in its B-14 well, which encountered 1,585 feet of net natural gas in about 250 feet of water 50 miles offshore. The company estimated there are 1.5- to 3 trillion cubic feet of gas initially-in-place after its discovery.

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