State oil and gas group PetroVietnam has acquired all of the Vietnamese assets of U.S. oil major Chevron Corp as it seeks to boost gas output, the Vietnamese group said.

Under a deal signed on June 17, PetroVietnam will take over Chevron's stakes in three offshore blocks and in a natural gas pipeline project linking them to southern Viet Nam, the Hanoi-based group said in a statement sent to Reuters late on Wednesday.

PetroVietnam's Binh Son Refinery and Petrochemical employees are seen at Dung Quat refinery in Quang Ngai Province

The acquisition of Chevron's Viet Nam assets will help accelerate field development "to make gas more quickly available", PetroVietnam chairman Nguyen Xuan Son said in the statement.

The company gave no value for the acquisition.

The move followed a downward adjustment by PetroVietnam of its energy reserves for this year due to a slump of global oil prices, and the possible sale of its 40% stake in a joint venture in Venezuela.

(Source: tuoitrenews)