Conoco to Disinvest its Vietnam Business

ConocoPhillips has decided to sell its Vietnam energy operations to Perenco for $1.29 billion, the company said in a ststement.

The US firm will sell its three wholly-owned subsidiaries that separately hold its 23.25 percent participating interest in Block 15-1, 36 percent participating interest in Block 15-2, and 16.3 percent participating interest in Nam Con Son pipeline.

The transaction is anticipated to close in the first half of 2012.