Oil India Ltd (OIL) has expressed interest in being a part of a consortium with Oil and Natural Gas Corporation (ONGC) to buy BP’s stake in an offshore Vietnam gas field.
Oil India Ltd (OIL) has expressed interest in being a part of a consortium with Oil and Natural Gas Corporation (ONGC) to buy BP’s stake in an offshore Vietnam gas field.
“If given an opportunity, we would like to bid for BP’s assets in Vietnam as a part of the Indian consortium,” OIL chairman Nayan Mani Borah said on Tuesday.
The statement comes at a time when ONGC is preparing to submit its joint proposal with PetroVietnam to buy BP’s stake in the gas field. “ONGC and PetroVietnam will jointly bid for the BP’s stake in Vietnam in the coming weeks,” oil secretary S Sundareshan said earlier on Tuesday.
It is not clear whether the government will allow only ONGC to bid for BP’s stake in the gas field or allow a consortium of Indian companies along with Petro Vietnam to bid for the assets.
ONGC has a 45% share in Block 06.1 in the Nam Con Son basin, off Vietnam’s southeast coast, which is operated by BP with a 35% stake. PetroVietnam owns 20% of it.
“The approach and goal is to combine our strengths with PetroVietnam,” Borah said.
Last week, officials of state-owned ONGC Videsh, Indian Oil Corp, GAIL India and OIL were in Vietnam to explore the option of acquiring BP’s Vietnamise energy assets including a 370 km gas transportation pipeline and one 720 mw power plant.
BP is considering selling energy assets in Colombia, Venezuela and Vietnam to fund the $20-billion oil spill clean-up bill. It had announced a $10 billion asset sale programme in June to fund the cleanup exercise.
China’s oil companies CNOOC and Sinopec, and Thailand’s PTTEP are also interested in BP’s assets in Vietnam.
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