Newfield Sells Off All North Sea Assets

US-based oil and gas exploration company Newfield Exploration is to sell all of its interests in the North Sea to British energy company Centrica, in a deal worth $486.4m.

Newfield has signed a purchase and sale agreement, which subject to UK Government approval, is expected to close in the fourth quarter of 2007.

The sale includes the undeveloped Seven Seas discovery and an interest in approximately 200,000 net acres located in the Southern Gas Basin.

The sale will mark a complete exit by the company from the North Sea.