Newfield starts production offshore Malaysia

Newfield Exploration Company, an independent crude oil and natural gas exploration and production company headquartered in Houston, Texas, has recently commenced production from its East Belumut/Chermingat fields in PM 323, located offshore Malaysia.

The company is also likely to commence production from the Puteri field in PM 318, offshore Malaysia, some time later this week.

Newfield entered Malaysia in 2004 and now has PSCs covering three shallow water blocks and one deepwater block. The PSCs total a combined 2.9 million acres.

The company hopes that with the start up of Malaysian fields, its 2008 production will be raise to 232-239 Bcfe, a 22-26% increase over 2007 (adjusted for asset sales and acquisitions).

The Company’s most recent guidance was 224-234 Bcfe. Newfield expects that its second quarter 2008 production will be approximately 57 Bcfe, or 2 Bcfe ahead of the mid-point of its earlier guidance.