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 last week.
The firm, ONGC Videsh is evaluating data relating to the Magadan-2 and Magadan-3 blocks, Moily told the Parliament.
India imports about 80 per cent 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.
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