ConocoPhillips (NYSE: COP) announced this morning that it was selling all its operations in Vietnam to a division of France’s Perenco SA for $1.29 billion. The sale includes three Conoco wholly-owned subsidiaries with minority stakes in two offshore blocks and the Nam Con Son pipeline. Conoco realized about 20,000 barrels/day of its 1.62 million barrels/day of 2011 production from its Vietnamese assets.
The company noted that in the past two years it has divested $20.2 billion in assets, including $9.5 billion from its sale the company’s stake in Russia’s Lukoil. This sale would appear to complete Conoco’s plan to divest $15-$20 billion in assets in 2010-2012.
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