PETRONAS Awards Two Offshore Blocks to Newfield and PETRONAS Carigali

    KUALA LUMPUR, May 25 /Xinhua-PRNewswire/ -- PETRONAS today signed two
 Production Sharing Contracts (PSCs) with Newfield Exploration Company of the
 United States 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 kilometres and is
 situated about 300 kilometres offshore Kertih in water depths ranging from 60
 to 80 metres.  The block is located in the Malay Basin, which is an
 established oil and gas producing area.
     Deepwater Block 2C is located in the deepwater area off the coast of
 Sarawak in water depths ranging from 200 to 2,000 metres.  The block, which
 covers an area of about 4,400 square km, is relatively under explored.  Recent
 3D seismic data acquired by PETRONAS within the block revealed the presence of
 numerous untested exploration opportunities in the area.
     Under the terms of the PSCs, Newfield Peninsula Malaysia Inc. and Newfield
 Sarawak Malaysia Inc., both wholly owned subsidiaries of Newfield Exploration
 Company, will have 50 per cent and 60 per cent working interests in Block
 PM318 and Deepwater Block 2C respectively.  PETRONAS Carigali, the exploration
 and production arm of PETRONAS, will own the remaining 50 per cent and 40 per
 cent interests in the respective blocks.
     PETRONAS Carigali is the operator for Block PM318.  The two partners will
 acquire and process 400 square km of new 3D seismic data and drill four
 wildcat wells in the block to a minimum depth of 7,000 metres.  A minimum
 financial commitment for the block is US$12 million.
     Deepwater Block 2C will be operated by Newfield Sarawak.  The partners
 will drill a minimum of two wildcat wells in the block to a minimum depth of
 6,000 metres and to reimburse PETRONAS a total of US$7.5 million for the new
 3D seismic data that PETRONAS acquired for the block.  A minimum financial
 commitment for the block is US$28 million.
     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.
     At the PSC signing ceremony held at the PETRONAS Twin Towers in Kuala
 Lumpur, PETRONAS was represented by its President & Chief Executive Officer
 Tan Sri Dato Sri Mohd Hassan Marican, Newfield Exploration Company by its
 President, Mr. David A. Trice and PETRONAS Carigali by its Managing
 Director/CEO Mr. Mohamad Johari Dasri.
 
     About PETRONAS
     PETRONAS (Petroliam Nasional Berhad) is Malaysia's national petroleum
 corporation.  Set up in 1974, PETRONAS has since grown into a multinational
 entity engaged in the full spectrum of the oil and gas activities with
 strategic business interests in 35 countries worldwide.  Three of its
 subsidiaries are listed on the Malaysian Stock Exchange.
     PETRONAS is a Fortune 500 corporation.  For the financial year ended March
 31, 2003, PETRONAS recorded consolidated revenue of US$21.433 billion, net
 profit of US$3.976 billion and consolidated assets of US$46.851 billion.
 About 80 per cent of its revenue came from its international operations and
 exports.
 
     For more information, please contact:
 
      Mr. Azman Ibrahim in Kuala Lumpur
      Tel:   +603-2051-2140
      Email: azmanc@petronas.com.my
      Web:   http://www.petronas.com
 
 

SOURCE PETRONAS (Petroliam Nasional Berhad)

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