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Petrovietnam eyes ConocoPhillips's offshore stakes

07/25/2011
Eric WatkinsOil Diplomacy EditorState-owned Petrovietnam said it is considering the purchase of ConocoPhillips's shares in three oil and gas projects off Vietnam valued at $1.5 billion."The reason why [ConocoPhillips] is selling the stakes might be it is restructuring itself," said Phung Dinh Thuc, Petrovietnam director general.ConocoPhillips, which has not yet announced its intentions, holds a 23.3% stake in a group of five fields on Block 15-1, a 36% stake in Rang Dong field on Block 15-2 in the Cuu Long basin, and a 16.3% stake in the Nam Con Son gas pipeline project.Thuc's remarks came as ConocoPhillips is expected to update investors on a 3-year restructuring plan, presente...
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