Newfield Exploration has hit upon a new natural gas asset. The company announced that it has made a discovery in the waters off Sarawak state, Malaysia, of a 1,585-foot gas play. This is the company's second pinnacle reef discovery in the area and is less than 3 miles from its first. Newfield will develop both new assets simultaneously.

The company pointed out that this latest find is the largest conventional discovery in its 25-year-long history. The gas is located in Block SK 310, an area covering roughly 1.1 million acres. Newfield operates the block with a 30% interest, in partnership with two Asian companies.

The article Newfield Makes "Significant" Gas Discovery originally appeared on Fool.com.

Fool contributor Eric Volkman and The Motley Fool have no position in Newfield Exploration. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.


Increase your money and finance knowledge from home

Forex for Beginners

Learn about trading currencies and foreign exchange transactions

View Course »

Introduction to ETFs

The basics of Exchange Traded Funds and why ETFs are hot.

View Course »

Add a Comment

*0 / 3000 Character Maximum