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Newfield Exploration (NYSE: NFX ) 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.