The agreement covers properties in Kenedy, Brooks and Hidalgo counties and complements Newfield’s existing activity areas.
Newfield’s working interest in the venture is approximately 50%. Newfield expects an active drilling program in the area over the next three years.
David Trice, chairman, president and CEO of Newfield, said: We are excited about signing the agreement with ExxonMobil to explore and develop new fields in one of the most productive areas in south Texas. Our technical teams have already identified prospects and have an inventory of locations for us to test over the next several years.
