PetroVietnam launches $1.5-bn bid for ConocoPhillips' South China Sea oil assets
31 Oct 2011
State oil and gas company PetroVietnam has launched a $1.5-billion bid for ConocoPhillips' Vietnamese oil assets in the South China Sea.
PetroVietnam is bidding for the US oil major's 23.3-per cent stake in Su Tu Den oilfield in five oil fields located in the Cuu Long basin block 15-1, a 36-per cent stake in the Rang Dong field in Block 15-2 and a 16.3 per cent stake in the Nam Con Son gas pipeline, a 700 million cubic-feet-a-day link that connects the Nam Con Son Basin with southern Vietnam.
Other stakeholders in Block 15-1 include PetroVietnam with a 50 per cent interest, Korea National Oil Corporation with 14.2 per cent, South Korea's SK Corp with 9 per cent and Monaco's Geopetrol with 3.5 per cent.
Japan Vietnam Petroleum Co holds a 46.5-per cent stake in the Rang Dong field, while PetroVietnam holds 17.5 per cent and ConocoPhillips owns the remaining 36 per cent.
PetroVietnam, which has a 51-per cent stake in the Nam Con Son pipeline, agreed in October last year to sell 32.7 per cent stake in the pipeline to Moscow-based TNK-BP. ConocoPhillips owns the remaining share.
Both oil fields produced 32,000 barrels of oil equivalent a day on average in 2009.
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