BP could open joint international business negotiations
Oil and Natural Gas Corp and PetroVietnam consider bid for oil giant's gas field
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
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).