As British Oil Giant decided to sell its 35-per cent stake to its affiliate TNK-BP, ONGC has lost the opportunity to hike its stake in Vietnam Gas. Last week, Indian Union Minister of Natural Gas and Petroleum, Mr. Murli Deora had said that ONGC is planning to buy BP's stake in Vietnam's Nam Con Son offshore gas project.

This week, the BP's chief executive, Robert Dudley and Chairman Carl-Henric Svanberg visited India and revealed that they are transferring the stake to their affiliate rather than selling the stake to outside party.

To cover the cost of the oil spill of the Gulf of Mexico, London based BP is selling its assets during 18 months. $10 billion worth of assets already have been sold by them. Further, they will be selling their assets in Pakistan, Algeria, Vietnam and Venezuela.

In the concerned block, ONGC has 45% stake, state-owned PetroVietnam has 20% and BP holds 35% stake. Deora was assured of the support of the Vietnam's Prime Minister Nguyen Tan Dong that Vietnam would support ONGC, in event of ONGC bidding for BP's stake. It was despite State-owned PetroVietnam having first refusal.