Deal Insight

Perenco acquires ConocoPhillips' interests in Vietnam

16 February 2012

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16 February 2012

Perenco acquires ConocoPhillips' interests in Vietnam

Report summary

Perenco has acquired ConocoPhillips' interests in Vietnam for US$1.29 billion. The portfolio, located in the Cuu Long Basin, includes Block 15-1, Block 15-2 and the Nam Con Son pipeline.Our base case valuation of the deal is US$797 million (NPV10, discounted to 1 January 2012). This is based on assumed 2P commercial reserves of 56 mmboe (net). It is clear, however, that Perenco has attributed material value to the substantial technical resource upside associated with the Su Tu Trang ...

Executive summary
Transaction details
Upstream assets
- Block 15-1
- Block 15-2 (Rang Dong)
- Nam Con Son Pipeline
Deal analysis
Upsides and risks
- Upside
- Risks
Strategic rationale
- Perenco
- ConocoPhillips
Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

Executive summary: Table 1
Deal analysis: Table 1
Deal analysis: Table 2

Oil & gas pricing and assumptions: Table 1
Oil & gas pricing and assumptions: Table 2
Upstream assets: Table 1
Wood Mackenzie NPV sensitivities, including and excluding Su Tu Trang development