Malaysia-based integrated oil and gas services and solutions provider SapuraKencana Petroleum Berhad's $898 million acquisition of all equity interest in Newfield Malaysia Holdings held by Newfield Exploration Co. gave the firm a foothold in the country's upstream sector.
The share purchase agreement, which is expected to close in early 2014, is subject to the approval of Malaysia's state-owned oil and gas company Petroliam Nasional Berhad (Petronas).
“This acquisition will further strengthen and diversify SapuraKencana Group’s business portfolio. The transaction will enable SapuraKencana Petroleum to gain an immediate foothold and recognition as an upstream resource owner and operator," Shahril Shamsuddin, president and Group CEO said in a press release.
Net production from Newfield's upstream assets in Malaysia amounted to 23,000 barrels per day in 2012.
“We are acquiring a proven oil and gas operator with a balanced portfolio of producing and discovered fields and exploration assets in Peninsular and Sabah & Sarawak. As a field owner and operator, this business will require different set of operating principles and as such we will manage this new business division separately as an independent subsidiary,” Shahril Shamsuddin said.
Other companies shortlisted for the second round of bidding for Newfield's assets in Asia, which closed Sept. 26, included Exxon Mobil Corporation, Royal Dutch Shell plc, Talisman Energy Inc., Kuwait Foreign Petroleum Exploration Company, Petrofac Limited and Hibiscus Petroleum Bhd.
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