NEW DELHI Dec 18 Russia's Rosneft has
invited the overseas investment arm of India's state-run Oil and
Natural Gas Corp to jointly explore two blocks in the
Sea of Okhotsk, Indian Oil Minister Veerappa Moily said on
The firm, ONGC Videsh Ltd, is evaluating data relating to
the Magadan-2 and Magadan-3 blocks, Moily told lawmakers in a
India imports about 80 percent of its oil needs and is on
the hunt for supplies to power its nearly $2 trillion economy
while Russia is keen to tap its vast offshore reserves.
Reuters in October reported that Russia had offered a stake
to ONGC in Magadan-2.
(Reporting by Nidhi Verma; editing by Jason Neely)