Newfield to increase its GoM production by 60%

Newfield expects to increase its Gulf of Mexico production by more than 60% this year.

Offshore staff

HOUSTON -- Newfield expects to increase its Gulf of Mexico production by more than 60% this year. To reach this target, the company is allocating approximately 15% of its 2010 budget to activities in the deepwater GoM. It is participating in five deepwater developments and two to three exploration wells.

Newfield’s Fastball (Viosca Knoll block 1003) development started production in late 2009. The field currently is producing 41 MMcf/d of natural gas and 3,000 b/d of oil gross. Sargent (Garden Banks block 339) is being developed as a single-well tieback to existing infrastructure. First production is expected in April. Gladden (Mississippi Canyon block 754) is due online late this year; Dalmatian (DeSoto Canyon block 48) in 2011; and Pyrenees (Garden Banks block 293) in late 2011.

The company’s exploration portfolio includes the Saluki (Garden Banks block 425) prospect, which is scheduled to spud by the end of this month. Axe (DeSoto Canyon block 4) is scheduled to spud in March; and one to two additional prospects, including Lyell (Green Canyon block 551).

2/18/2010

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