• 2013 October 24 16:54

  SapuraKencana boosts its stake in offshore fields in Malaysia

  

  SapuraKencana Petroleum advanced to a four-month high after agreeing to buy Newfield Exploration Co stakes in offshore Malaysian fields for 898 million, helping send the country’s benchmark index to a record, the company said in its press release.

  “The deal will give SapuraKencana an immediate foothold in the upstream segment and allow it to become a full fledged producer,” an analyst at CIMB Group , wrote in a report issued. “The Newfield purchase is a major re-rating catalyst.”

  SapuraKencana was created last year following the merger of two companies. Before the tie up, they won rights to jointly develop their first oilfield off Malaysia’s eastern coast with Petrofac. Newfield, based in Woodlands, Texas, is seeking to scale back international operations to focus on United States onshore growth as the company isn’t able to fund additional investments into both its businesses in North America and Asia.

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