Sojitz farms into Grove

Japan's Sojitz reaches agreement with Newfield to co-finance UK gas projects

I>Offshore staff

(Aberdeen) Japan's Sojitz Corporation subsidiary Sojitz Energy has agreed a $100 m transaction with Newfield Petroleum UK to progress numerous Newfield-operated gas interests in the North Sea. These include the current Grove platform-based development, and appraisal wells on the West Cutter prospect and the Seven Seas discovery, and two planned wells in the West Sole area proposed by Newfield and BP.

Under this arrangement, Sojitz will earn 15% of Newfield's share of Grove, and 20% of its interests in the other prospects. Agreement is subject to approval from the UK government.

09-29-2006

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