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ConcoPhillips Sells Vietnam Asset to Perenco

Perenco ConocoPhillips
AnnouncedFeb 12, 2012
TypeProperty
Announced Date
February 12,2012
Close Date
March 31,2012
Transaction Type
Property
Enterprise Value (EV)($MM)
1290




Snapshot
Asset/Basin:
{"Cuu Long Basin","Nam Con Son Basin"}
Location
Region
Asia

Country
Viet Nam


Transaction Details:  Subscribe to see

ConocoPhillips agreed to sell its assets in Vietnam to a unit of French oil and natural gas company Perenco SA for roughly $1.29 billion, part of ongoing efforts to slim down its business.

The oil producer and refiner is in the midst of a three-year repositioning aimed at improving its balance sheet and making itself more attractive to investors. That plan includes the sale of $15 billion to $20 billion in assets, large-scale share buybacks and the spinoff of its refining arm, expected to be completed in the second quarter.

ConocoPhillips said its agreement with Perenco covers three…

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