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Rosneft offers India's ONGC role in two Magadan blocks -minister
December 18, 2012 / 1:31 PM / 5 years ago

Rosneft offers India's ONGC role in two Magadan blocks -minister

NEW DELHI, Dec 18 (Reuters) - 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 Tuesday.

The firm, ONGC Videsh Ltd, is evaluating data relating to the Magadan-2 and Magadan-3 blocks, Moily told lawmakers in a written reply.

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)

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