Petrovietnam bids for ConocoPhillips’ Vietnam assets

HANOI, Oct 31, 2011 (Reuters) – State oil and gas group Petrovietnam has bid for $ 1.5 billion of ConocoPhillips oil assets in the South China Sea, a senior Petrovietnam official said, its first formal move for the stakes in the disputed waters.

The Hanoi-based group plans to do its utmost to acquire the assets, Nguyen Tien Dung, Petrovietnam’s Deputy Chief Executive Officer, told Reuters on Monday.

“The investment is in our country, so we are determined, with our largest possible efforts, to buy,” Dung said.

Barclays Capital is the adviser for the bid, a source with knowledge of the deal said.

ConocoPhillips owns a 23.25 percent stake in a complex of four fields in block 15-1.

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