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.

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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.

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PetroVietnam, partners eye ConocoPhillips’ $ 1.5 billion oil assets

HANOI, July 8 (Reuters) – State oil group Petrovietnam and its partners may buy $ 1.5 billion in Vietnamese oil assets in the contentious South China Sea from ConocoPhillips , according to Petrovietnam’s chief executive.

Petrovietnam’s plan demonstrates a commitment to help protect Vietnam’s sovereignty in the East Sea, as it calls the disputed area, the company’s chief executive, Phung Dinh Thuc, was quoted as saying.

China, Vietnam, the Philippines, Taiwan, Malaysia and Brunei claim parts or all of the South China Sea, a territory believed to be sitting on rich deposits of oil, gas and minerals, as well as being a major shipping lane.

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ConocoPhillips Plans Sale of Oil Stakes Off Vietnam Coast

May 11, 2011. ConocoPhillips (COP), the third-largest U.S. oil company, said it plans to sell its stake in three oil and natural gas assets off Vietnam’s coast.

The Houston-based company plans $ 5 billion to $ 10 billion in asset sales over 2011 and 2012 as it seeks cash to fund share buybacks and growth. ConocoPhillips sold about $ 7 billion in assets last year through a program announced in 2009 and intended in part to help reduce debt. The company expanded the total sales target earlier this year to as much as $ 17 billion.

The company is marketing its assets in Vietnam as part of the divestiture program, McLemore said in an e-mail yesterday. ConocoPhillips’s Vietnam assets are valued at about $1.5 billion, Paul Sankey, a Deutsche Bank AG analyst, said in an April 27 note to clients.

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