Petronas, Newfield Exploration Win Two Blocks Off Malaysia

Malaysian oil firm Petronas signed two Production Sharing Contracts with oil and gas exploration and producing company Newfield Exploration and Petronas Carigali Sdn Bhd for Block PM318 offshore Peninsular Malaysia and Deepwater Block 2C offshore Sarawak.

Block PM318 covers an area of about 1,600 square kilometers and is situated about 300 kilometers offshore Kertih in water depths ranging from 60 to 80 meters. The block is located in the Malay Basin, which is an established oil and gas producing area.

Newfield Exploration Company, which was founded in 1989, has its headquarters in Houston, Texas. It is an independent exploration and production company with worldwide operations. The company is new in Malaysia's upstream arena.