Newfield Exploration was the apparent high bidder on six of 11
bids submitted in the Central Gulf of Mexico Sale 198 held yesterday by the Minerals Management Service (MMS). Newfield and partners exposed gross bids
totaling $55.2 million. Net exposure to Newfield on the apparent high bids is
$32.2 million. This includes Newfield's 50% participation with Anadarko
Petroleum Corporation in the second highest individual bid of
$34 million for Green Canyon Block 551 in the deepwater Gulf of Mexico.
Newfield ranked number four of the top five companies at the sale based on the
total amount of apparent high bids. The MMS reserves the right to reject bids
and will make a final award of tracts within 90 days.
Newfield Exploration Company is an independent crude oil and natural gas
exploration and production company. The Company relies on a proven growth
strategy that includes balancing acquisitions with drill bit opportunities.
Newfield's domestic areas of operation include the Gulf of Mexico, the U.S.
onshore Gulf Coast, the Anadarko and Arkoma Basins of the Mid-Continent and
the Uinta Basin of the Rocky Mountains. The Company has international
exploration and development projects underway in the offshore regions of
Malaysia, U.K. North Sea and China.
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