Perenco to buy Vietnam assets from ConocoPhillips

A subsidiary of Perenco SA agreed to buy the Vietnam business unit of ConocoPhillips for a total of $1.29 billion in a transaction expected to close by June 30.

ConocoPhillips is selling three wholly owned subsidiaries that separately hold its 23.25% interest in Block 15-1; 36% interest in Block 15-2; and 16.3% interest in Nam Con Son Pipeline, which transports 700 MMcfd of gas from the Nam Con Son basin to southern Vietnam.

The two offshore blocks produced 32,000 boe/d in 2009, ConocoPhillips said on its web site.

"The sale of our Vietnam business unit is an important component of our $15-20 billion 2010-12 asset divestiture program,” said Al Hirshberg, ConocoPhillips senior vice-president, planning and strategy.

ConocoPhillips conducted business in Vietnam for more than 15 years.

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