ConocoPhillips [NYSE:COP] today announced that, as part of its ongoing strategy to create shareholder value, it has entered into an agreement to sell its Vietnam business unit for a total of $1.29 billion plus customary working capital adjustments.

ConocoPhillips has entered into definitive agreements with a subsidiary of Perenco to sell its three wholly-owned subsidiaries that separately hold its 23.25 percent participating interest in Block 15-1, 36 percent participating interest in Block 15-2, and 16.3 percent participating interest in Nam Con Son Pipeline. The transaction is anticipated to close in the first half of 2012.

"The sale of our Vietnam business unit is an important component of our $15-20 billion 2010-2012 asset divestiture program. ConocoPhillips has conducted business in Vietnam for more than 15 years, and we are pleased that Perenco has recognized the value of these quality assets," said Al Hirshberg, senior vice president, Planning and Strategy, ConocoPhillips.

For 2010-2011, ConocoPhillips’ asset divestiture program yielded $10.7 billion in proceeds, in addition to $9.5 billion from LUKOIL share sales, giving total dispositions of $20.2 billion over this period.

The sale of the Vietnam business unit is just one part of ConocoPhillips’ plan to create value for shareholders through a continued focus on optimizing the portfolio, enhancing returns, strengthening financial flexibility and increasing shareholder distributions.