ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), is getting ready to bid for an oil field in Azerbaijan.

Officials said the bid will be over $300 million to buy the oil refinery of Caspian Energy Group LLP in an Azerbaijan oil field.

The project has been code-named Project Golden Goose.

If it wins the bid, it will mark ONGC's into the energy-rich Central Asian nation of Azerbaijan.

ONGC currently has assets in 14 countries including Myanmar, Vietnam, Russia, Egypt, Sudan and Australia but none in Central Asia.