July 27, 2010 / 11:55 AM / 10 years ago

Oil India keen to bid with ONGC for BP's Vietnam asset

NEW DELHI (Reuters) - State-run explorer Oil India Ltd (OILI.BO) is keen to partner Oil and Natural Gas Corp (ONGC.BO) led consortium to buy BP’s (BP.L) stake in offshore Vietnamese gas field, its head N.M. Borah said on Tuesday.

Earlier on Tuesday, Oil Secretary S. Sundareshan said ONGC and PetroVietnam are expected to submit a joint formal offer within weeks to buy BP’s stake in an offshore Vietnamese gas field.

ONGC has a 45 percent share in Block 6.1 in the Nam Con Son basin, off Vietnam’s southeast coast, which is operated by BP with a 35 percent stake, ONGC’s website shows. The rest is owned by PetroVietnam.

Hanoi insists BP, the embattled UK firm which is scrambling to raise billions to pay for the Gulf of Mexico disaster, the worst oil spill in U.S. history, give priority to its partners in the project.

Reporting by Nidhi Verma; editing by Malini Menon

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