This article has been condensed from the original version.

From The Am Law Daily

In the latest move aimed at revamping its operations, ConocoPhillips said Thursday it will sell its Vietnamese assets for $1.29 billion to British and French oil company Perenco.

The sale is in line with ConocoPhillips’ recent efforts to shed its least-profitable units  under a three-year plan intended to raise up to $20 billion via asset sales, according to Bloomberg.

Since the plan runs through the end of 2012, the sale of the company’s operations in Vietnam a key component of that initiative, reports the Daily Deal. The Perenco transaction includes ConocoPhillips-owned stakes in two offshore oil fields and a 200-plus-mile gas pipeline that connects to the Vietnamese mainland. The sale is expected to close by the middle of the year.

Dagfinn Nygaard, ConocoPhillips’s managing counsel for the Asia-Pacific region, is leading an in-house team working on the matter. Janet Langford Kelly, a former partner at Sidley Austin and Zelle Hofmann Voelbel & Mason, has served as the Houston-based company’s general counsel since 2006.

Representatives for Perenco did not immediately respond to requests for comment on whether the company employed outside legal advisors for the deal.

Email: bbaxter@alm.com

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