ConocoPhilips to Use In-house Talent for Securing $1.29 Billion Sale
ConocoPhilips is going to be using its in-house legal team to complete its sale of its Vietnamese assets worth $1.29 billion. The sale is to British and French oil firm Perenco.
ConocoPhilips is trying to shed its less-profitable units as part of its three year restructuring plan. The company plans to raise almost $20 billion through this strategy.
ConocoPhilips's legal team for this deal will be led by Dagfinn Nygaard, who is managing counsel for the Asia Pacific region. Although the energy company is not using any outside counsel for this particular deal, it has used outside counsel on several other transactional deals in the last two years. In November 2011, it used the services of Morgan, Lewis & Bockius for a sale worth $2 billion of its stakes in two pipeline operations within U.S.