Newfield Exploration has signed a purchase and sale agreement to sell all of its interests in the UK North Sea to Centrica for $486.4 million.
Offshore staff
HOUSTON -- Newfield Exploration has signed a purchase and sale agreement to sell all of its interests in the UK North Sea to Centrica for $486.4 million. The sale, subject to UK government approvals, is expected to close in 4Q 2007. This marks a complete exit by the company from the North Sea.
The sale includes an 85% interest in the Grove field, an 80% interest in the undeveloped Seven Seas discovery, and an interest in approximately 200,000 net acres in the Southern Gas basin.
