Indian Oil Secretary S. Sundareshan revealed on Saturday that state-run "Oil and Natural Gas Corp" will be making a joint bid with Petrovietnam for the Vietnam assets of BP (NYSE:BP).
The bid should come within a few weeks said Sundareshan, after an evaluation of the assets is completed.
"They (ONGC) are making an evaluation of the value of BP's assets, and once that is finalized they will make an offer in conjunction with Petrovietnam," Sundareshan said.
The Indian government will need to approve of the deal because of production-sharing contracts held by Cairn India for exploration blocks for oil and gas.
According to UBS (NYSE:UBS) analysts, the Vietnam assets are valued at about $966 million, which include the Phu My power generation project, interests in the Lan Tay and Lan Do gas fields, and the Nam Con Son pipeline.
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