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BP could open joint international business negotiations

Oil and Natural Gas Corp and PetroVietnam consider bid for oil giant's gas field

22 July 2010

BP could open joint international business negotiations with two Asian firms over the sale of its Vietnamese gas block.

Indian state-run firm Oil and Natural Gas Corp (ONGC) and PetroVietnam are considering bidding for block 6.1 in the Nam Con Son basin.

ONGC currently own a 45 per cent share of the area but it is run by BP, who currently have a 35 per cent stake in the block. PetroVietnam own the remainder.

Murli Deora, Indian Oil Minister, told Reuters: "Just now I have met the Vietnam prime minister. In principle, he has agreed to our proposal. Now we have to negotiate with BP."

On Tuesday (July 22nd), BP confirmed it planned to sell gas fields and a pipeline in Vietnam in order to help cover the costs of the Gulf of Mexico oil spill.

The beleaguered oil giant also announced it has agreed to sell assets in the US, Canada and Egypt to US oil company Apache Corp for $7 billion (£4.5 billion).

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