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Selling off Vietnam assets

May 2, 2001, 14:00 CEST

Statoil signed an agreement today – 2 May – to sell its operations in Vietnam to an undisclosed buyer.

The sale, which is subject to various contractual and government approvals, includes the group's interests in the Nam Con Son project. This embraces development of the Lan Tay and Lan Do gas and condensate fields, a gas pipeline to land and a gas receiving station.

Selling assets is in line with Statoil's upstream strategy which entails strengthening the group's position in core areas where Statoil is, or has a chance of becoming operator.

Statoil defines western Europe, Venezuela, the Caspian region and western Africa as such areas.