LONDON - BP will transfer assets into a new joint venture it is forming with the Abu Dhabi National Oil Co (ADNOC) focused on developing new gas resources in the East Mediterranean, BP's Chief Financial Officer said on Tuesday.

BP and ADNOC said in March they had made an offer to buy a 50% stake in Israeli offshore gas producer NewMed Energy for around $2 billion and that the two were forming a joint venture.

CFO Murray Auchincloss told Reuters on Tuesday that "BP expects to contribute assets to form the JV", without providing details or costs.

The company earlier reported a rise in first quarter profit to $5 billion.

(Reporting by Ron Bousso; Editing by Kirsten Donovan)