Oil & Natural Gas Corporation Ltd.

Russia's Rosneft has offered ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), a stake in Magadan-2 and Magadan-3 exploration blocks in the northern part of the Sea of Okhotsk in eastern Russia. It has been invited to participate in exploration of the Magadan-2 and Magadan-3 blocks, with Rosneft.

As per the company’s initial evaluation, blocks are indicated to be rank exploratory in nature and involve high risk of investment. OVL is keen to get a foothold in the Arctic projects and expand in Siberia and Far East Russia. The area is estimated to hold 2.8 billion tonnes of oil and oil equivalent natural gas.