Kuala Lumpur: Sapurakencana Petroleum is buying US energy exploration firm Newfield’s Malaysian assets for $898m.
Newfield is the fourth largest oil and gas producer in Malaysia, with interests in nine production sharing contract (PSC) blocks spread between the oil-producing region of Peninsular Malaysia and the gas-producing regions of Sarawak and Sabah. Its total oil and gas portfolio in Malaysia comprises 3.3m net acres.
SapuraKencana said the deal will enable it to gain an immediate foothold and recognition as an upstream resource owner and operator of current estimated production of 23,000 barrels of oil daily.
The deal is expected to be completed early next year. [23/10/13]