PetroVietnam Eyes Conoco’s Vietnam Assets

HANOI—Vietnam Oil and Gas Group and its partners are considering buying ConocoPhillips’s stakes in three oil and gas projects off the coast of Vietnam, according to the country’s state-run oil company, also known as PetroVietnam.

PV Oil’s remarks come at a time when ConocoPhillips is expected to give investors an update on its three-year restructuring plan presented in late 2009 and expanded this year. The plan includes selling up to $ 17 billion in assets.

Conoco Senior Vice President of Planning and Strategy Alan Hirshberg has said in a May the company was looking at leaving countries where it has a small presence.

ConocoPhillips has a 23.3% stake in a group of five fields in Block 15-1, where oil production started in 2003, a 36% stake in Rang Dong Field in Block 15-2 in the Cuu Long basin and a 16.3% stake in the Nam Con Son Gas Pipeline project.

PetroVietnam Eyes Conoco’s Vietnam Assets, Jul 10, 2011

ConocoPhillips Plans Sale of Oil Stakes Off Vietnam Coast, May 11, 2011