Vietnam's state-owned producer PetroVietnam has acquired all the domestic upstream assets of Chevron Corp for an undisclosed amount. A deal signed on June 17 saw Chevron selling its stakes in three offshore blocks and a natural gas pipeline project connect- ing these blocks to southern Vietnam. We believe Chevron's exit underscores our view of the challenging environment facing foreign investors in the country's gas sector due to unattractive pricing terms. It also reinforces our downbeat outlook on natural gas production over the next decade.
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