National oil firm Petronas today said it had tied up with US-based Newfield Exploration Co to drill for oil in Malaysian waters in a deal involving a minimum investment of US$40 million.

Petronas said it has signed two profit-sharing contracts with Newfield to drill oil offshore northeast Terengganu state and in deep water off Sarawak on Borneo island.

Newfield Exploration, founded in 1989 and based in Houston, Texas, is an independent exploration and production firm and a new player in Malaysia's oil and gas upstream industry. - AFP