Statoil sells Viet Nam operations to unnamed buyer

Norwegian state-owned oil and gas company Statoil AS said Wednesday it will sell its Viet Nam operations, including the group's stake in the BP PLC-operated Nam Con Son project, to an unnamed buyer. Statoil said the sale is in line with its upstream strategy to sell assets not in its core areas.


By the OGJ Online Staff

LONDON, May 2 -- Norwegian state-owned oil and gas company Statoil AS said Wednesday it will sell its Viet Nam operations, including the group's stake in the BP PLC-operated, $1.3 billion Nam Con Son project, to an unnamed buyer.

Statoil said the sale, which is subject to various contractual and government approvals, is in line with its upstream strategy of asset divestment that "strengthens the group's position in core areas where Statoil is, or has a chance of becoming, operator," namely western Europe, Venezuela, the Caspian region, and West Africa (OGJ Online, Mar. 9, 2001).

Gas deliveries from Nam Con Son, which embraces development of the Lan Tay and Lan Do gas and condensate fields on Block 6/1 off southern Viet Nam, a gas pipeline to shore, and a gas receiving station, are scheduled to start up next year.

Statoil had owned 13.33% of the field developments, which are operated by BP with 26.67%. Other partners are India's ONGC Videsh Ltd. with 45% and state company PetroVietnam with 15%. In the pipeline, it held 16.33%. BP would operate the gas pipeline with 32.67%, and PetroVietnam would own 51%.

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