Monday, October 31, 2011

ConocoPhillips Unloads $1.5 Billion in Vietnam Assets to PetroVietnam

PetroVietnam Monday placed a $1.5 billion bid Monday to buy ConocoPhillips' Vietnamese oil assets in the disputed waters of the South China Sea, according to a Reuters report.

The move is considered to be the Hanoi based oil and gas group's official attempt to acquire the assets in effort to protect the city's territorial claims of the waters. Vietnam, Japan and the Phillipines continue to protest China's claim of territorial authority of the South China Sea.

If PetroVietnam's bid is accepted, the oil and gas group would take control of.......

23.3% stake in Su Tu Den oilfield in five oil fields located in the Cuu Long basin bock
15-1. 36% stake in the Rang Dong field in Block 15-2. 16.3% stake in the Nam Con Son gas pipeline that connects the Nam Con Son basin with southern Vietnam.

The sale of the assets is part of Houston based ConocoPhillips' March 2010 plan to divest non core assets to reduce debt and enhance shareholder returns.

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