Conoco's Vietnam Assets May Be On The Block

ConocoPhillips COP, the third-largest U.S. oil company, is reportedly looking to sell stakes in three oil and natural gas projects off the coast of Vietnam to PetroVietnam, that country's state-run oil producer. PetroVietnam, which has the right of first refusal, confirmed its interest in the assets, but Texas-based ConocoPhillips did not comment on the matter. ConocoPhillips has previously said it is looking to sell up to $17 billion in assets over the next years to raise cash and strengthen its balance sheet. The company has stakes in oil fields located 180 kilometers southeast of Ho Chi Minh City, according to the Wall Street Journal. ConocoPhillips has a 23.3% stake in a group of five fields in Block 15-1, where oil production started in 2003, a 36% stake in Rang Dong Field in Block 15-2 in the Cuu Long basin and a 16.3% stake in the Nam Con Son Gas Pipeline project, the Journal reported. ConocoPhillips has previously stated that would look to exit some countries where it has only minor operations. Its Vietnam assets are estimated to be worth $1.5 billion.