Newfield closes on sale of North Sea business

Newfield Exploration Company, an independent crude oil and natural gas exploration and production company, announced the closing on its previously announced sale of its interests in the U.K. North Sea to Centrica plc, the owner of British Gas, for $486.4 million.

The sale included an 85% interest in the Grove Field, an 80% interest in the undeveloped Seven Seas discovery and an interest in approximately 200,000 net acres located in the Southern Gas Basin.

Newfield’s production guidance (issued July 25) accounted for this sale and other anticipated divestitures and remains 240 – 253 Bcfe in 2007 and 215 – 230 Bcfe in 2008.

Jefferies Randall & Dewey acted as financial advisor for Newfield in this transaction.