Deepwater GOM Discoveries Yield Oil and Gas for Newfield
Newfield Exploration recently drilled two successful exploration wells in the deepwater Gulf of Mexico. The Gladden Prospect, located at Mississippi Canyon 800, found 80 feet of net oil pay and was drilled by Diamond Offshore's Ocean Quest. An updip location is being drilled that is expected to be completed in late May. The Anduin West Prospect, located at Mississippi Canyon 754, found 30 feet of net gas and condensate pay. The well is being completed by the Noble Max Smith and a production test is planned in the next week.
Newfield is the operator of both discoveries and has a 47.5% working interest in Gladden and a 50% working interest in Anduin West. The Company has production handling agreements in place with nearby host facilities and expects first production from both fields in late 2009.
In the March 2008 Federal OCS Lease Sale, Newfield was the high-bidder on 19 of 28 lease blocks (14 located in deepwater). If all blocks are awarded, the net investment will be approximately $70 million and builds prospect inventory for the next several years in deepwater.
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