Soco International, the oil and gas exploration and production company that is exploring a potentially large discovery in Vietnam, has been approached about a deal to buy the majority of its assets.

Soco did not name the potential buyer but speculation on Friday centred on Sinochem, the state-controlled Chinese oil trader. Analysts said they presumed the approach was for Soco’s Vietnamese assets, which include most of the company’s proven and probable reserves, and its most exciting exploration prospect.