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.

Paula Dittrick

Feb. 17, 2012

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.

About the Author

Paula Dittrick

Senior Staff Writer

Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.

Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.