Newfield Bids Cheers To North Sea With Sale to Centrica

Centrica Plc, the owner of British Gas, has closed its acquisition of interests in the U.K. North Sea from Newfield Exploration Co., Houston, (NYSE: NFX) for US$486.4 million, marking a complete exit by Newfield from the North Sea. The sale includes 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 in the Southern Gas Basin producing approximately 240- to 253 billion cubic feet of gas equivalent. The Grove Field began production in April 2007.