India’s state company Oil and Natural Gas Corporation and Vietnam’s PetroVietnam are considering a joint bid for BP‘s stake in a gas field offshore Vietnam.

India’s oil minister Murli Deora said Vietnam has agreed to the proposal of making a joint bid for BP’s stake in the field.

ONGC and PetroVietnam hope to acquire BP’s 35% operating interest in block 6.1 in the Nam Con Son basin.

ONGC already owns a 45% interest while the rest of the field, which is located off Vietnam’s southeast coast, is owned by PetroVietnam.

BP is reportedly exploring divestment options for its interest in the Nam Con Son gas project, which is one of Vietnam’s largest foreign investment projects.