PetroVietnam bids for ConocoPhillips’ Vietnam assets

State oil and gas group PetroVietnam has made a bid to buy $1.5 billion in Vietnamese oil assets in the South China Sea from ConocoPhillips , a senior PetroVietnam official said, its 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.

In July, PetroVietnam’s CEO had said the company may buy the oil and gas interests in the South China Sea from ConocoPhillips to help protect Hanoi’s territorial claims, adding that the U.S. energy firm may sell the assets as it was scaling back its presence, possibly as part of a restructuring.

Vietnam and the Philippines have protested against aggressive action by China in the dispute over the resource-rich area, which covers the world’s busiest sea lanes and also provides rich fishing.

Reuters

Tags: ConocoPhillips, PetroVietnam

Posted by VBN on Nov 1 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry