ConocoPhillips Receives $1.5B Bid for Vietnam Assets

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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Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Marcos | Nov. 1, 2011
I guess this is not a big surprise, right? However, how about the position of the company in the region after the mess with bohai? Anyways, let me know.... Cheers DP

Brad Myers | Oct. 31, 2011
I think it is a good step forward. And can be great if new jobs are available.


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