Oil & Natural Gas Corporation Ltd.

ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), is in discussion to acquire stake in two Siberian oilfields. Russia’s biggest oil company Rosneft had offered to sell 10 percent stake in the strategic Vankor oilfield in Siberia to OVL.

In September, 2014, Rosneft had sold 10 percent stake in the Vankor cluster fields in northern Siberia to China’s CNPC for about $1 billion. Vankor is the largest field to have been discovered and brought into production in Russia in the last 25 years. As of January 1, 2014, the initial recoverable reserves in the Vankor field are estimated at 500 million tonnes of oil and condensate, and 182 billion cubic meters of gas.

ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.