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Oil and Natural Gas Corp making joint bid with Petrovietnam for BP's Vietnam assets  

State-run explorer Oil and Natural Gas Corp will make a joint bid with Petrovietnam for BP's Vietnam assets after completing its evaluation of them in the next few weeks, Oil Secretary S. Sundareshan told reporters on Saturday.

"They (ONGC) are making an evaluation of the value of BP's assets, and once that is finalised they will make an offer in conjunction with Petrovietnam," Sundareshan said.

ONGC has a 45% share in Block 6.1 in the Nam Con Son basin, off Vietnam's southeast coast, operated by BP, which has a 35% stake. The remaining 20% is owned by state-run Petrovietnam.

Sundareshan said the valuation process is likely to be completed in a few weeks.

The stake would be a welcome acquisition for India, which has been lagging China in the hunt for natural resources as both countries seek to feed their fast economic growth.

UBS analysts have said BP's stake, which includes an interest in the Lan Tay and Lan Do gas fields, the Nam Con Son pipeline and the Phu My power generation project, is worth USD 966 million.

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