Vietnam Oil and Gas Group (PetroVietnam) is seeking to acquire ConocoPhillips’ stakes in three oil and gas projects off the Vietnam coast, The Wall Street Journal reports. The assets are valued at around $1.5 billion. ConocoPhillips has a 23.3% stake in a group of five fields, a 36% stake in the Rang Dong Field and a 16.3% stake in the Nam Con Son Gas Pipeline project. PetroVietnam will not change its production and exploration activities in the region, adds Reuters.

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