HOUSTON, Dec. 12 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE: NFX) today announced the signing of a new Production Sharing Contract
for Block 17/08 in the Pearl River Mouth Basin of the South China Sea. The
block covers 7,108 square kilometers (approximately 1.8 million acres) and is
located 180 kilometers offshore Hong Kong. Newfield will have a 100% working
interest in the block during the exploration phase. The Chinese National
Offshore Oil Corporation reserves the right to back-in to any development with
a 51% interest.
Newfield plans to reprocess existing 2-D and 3-D seismic data and conduct
a 3-D seismic survey over an undeveloped discovery on Block 17/08. The seismic
analysis will be used to select drilling targets. Newfield is committed to
drill wildcat wells during the exploration period; with the first well to be
drilled during the next three years.
In addition, Newfield signed a Geophysical Survey Agreement on adjacent
Block 16/05, which covers 2,064 square kilometers (approximately 510,000
acres). Newfield plans to acquire new 3-D seismic data to help identify
targets on this acreage. Newfield also will have a 100% interest in this
block, prior to any back-in by CNOOC.
Newfield has been active in China since 1997 and is currently
participating in the development of two oil fields in Bohai Bay -- the CFD
11-6/12-1 and 12-1 South fields. The fields are operated by Kerr McGee
Corporation.
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 domestic areas of operation include the Gulf of Mexico, the U.S.
onshore Gulf Coast, the Anadarko and Arkoma Basins of the Mid-Continent and
the Uinta Basin of the Rocky Mountains. The Company has international
exploration and development projects underway in Malaysia, the U.K. North Sea
and China.
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 info@newfld.com
SOURCE Newfield Exploration Company
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Related links:
http://www.newfld.com
CONTACT:
Steve Campbell of Newfield Exploration
Company, +1-281-847-6081, or info@newfld.com
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