Houston-based Newfield Exploration has commenced gas production at the East Belumut-Chermingat fields in PM323 license area offshore Malaysia. The company is also expecting to shortly begin production at the Puteri field in the PM318 license area.
In conjunction with the start-up of production from these fields, Newfield has raised its 2008 production guidance for the second time in 2008. Newfield expects that 2008 production will be around 232 billion cubic feet (Bcfe) to 239Bcfe, a 22-26% increase over 2007, adjusted for asset sales and acquisitions.
The company’s previous guidance was 224Bcfe to 234Bcfe. Newfield expects that its second quarter 2008 production will be approximately 57Bcfe, or 2Bcfe more than the mid-point of its earlier guidance.
David Trice, chairman and CEO, said: Our 2008 organic production growth is strong and reflects the quality of our assets and the execution of our business plan.
Our Woodford Shale and Monument Butte assets are growing at rates ahead of our earlier projections. Growth in these areas is fueled largely through strong cash flows from our Gulf Coast and international assets. We believe that our portfolio of assets presents visible production growth for the next several years.