Newfield set to turn back on Gulf of Mexico assets

By BLAKE WRIGHT Houston

 10 February 2012 01:17 GMT

US independent Newfield Explor­ation is planning a potential exodus from the Gulf of Mexico, where it held its first assets.

Chief executive Lee Boothby said the company’s focus has shifted to long-term onshore assets, particularly oil, and it now considers its more gas-prone Gulf of Mexico properties expendable.

The Houston-based company deferred its 2011 drilling programme in the US Gulf and is not planning to drill any more explor­ation wells in the region.

The company said it will explore all options in 2012 to create value from the assets.

The move follows word from peer Murphy Oil that a US Gulf exit could be in its plans as well.

“Our focus over the last several…

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