BP may invest in oil, gas blocks in SE Asia

India's third biggest state-owned refiner Bharat Petroleum may invest in oil and gas blocks in South East Asia as it expands it production assets, especially in the view of soaring demand for fuel.

"In addition to exploration of existing blocks, the company has been looking at opportunities in southeast Asia", Ashok Sinh, chairman of Bharat Petroleum, said at the Asian Oil and Gas Conference in Kuala Lumpur, adding that "we are on the lookout for opportunities as they come up."

Several Indian oil companies have been looking at opportunities in oil and gas fields overseas as domestic production showed signs of stagnation and fuel demand soared.

Meanwhile, the US-based oil firm Murphy Oil Corp has said it was in negotiations with Malaysia's petroleum giant Petronas for the sale of gas from its fields offshore Sarawak. Murphy President Claireborne Deming said it would be from seven gas fields discovered and developed offshore Sarawak by his company.

Last month Murphy oil and Petronas Carigali signed a deal to sell naltural gas to Petronas at initial rate of 300 million cu ft per day for upto 15 years. Initial deliveries are scheduled for 2008.

Deming said Murphy oil has almost 50 oil and gas prospects in Sabha and Sarawak in the last five year period.

In Asia, Petronas ranks among the top five national oil companies. The others are India's Oil and Natural Gas Commission and China's Sinopec Corp China National Offshore Oil Corp Ltd and PetroChina Co Ltd.

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