* Russia proposed that ONGC invest in Madagan 2 field
* ONGC says has seen data relating to the field
By Nidhi Verma
NEW DELHI, Oct 15 (Reuters) - Russia has invited India's Oil
and Natural Gas Corp Ltd to consider buying a stake in
the Madagan 2 field operated by Rosneft in the
northern part of the Sea of Okhotsk, its deputy energy minister
said on Sunday.
India, which imports about 80 percent of its oil needs, is
on the hunt for supplies to power its near-$2-trillion economy,
while Russia is keen to tap its vast offshore reserves.
"We have suggested that ONGC look at (investing in) Madagan
2," Russian Energy Deputy Minister Yury Sentyurin told reporters
on the sidelines of energy conference Petrotech.
He said he had made the proposal to Indian oil ministry
officials at the India Russia Joint Working Group meeting on
The New Delhi government has told state firms to secure
energy assets overseas as the country's own output is well below
demand in an economy expected to grow 6.5 percent this year, and
already suffering hefty power shortfalls.
Sentyurin added that the size of any possible stake was up
D. K. Sarraf, Managing Director of ONGC Videsh Ltd, the
overseas investment arm of ONGC, confirmed that the company has
viewed data relating to the field.
Russia granted exploration licenses for five areas in the
Sea of Okhotsk - Magadan-1, -2 and -3, Lisyansky and
Kashevarovsky - to Rosneft without bidding at the end of last
Recoverable resources in the area are estimated at 2.8
billion tonnes of oil equivalent, according to Rosneft's annual
Rosneft recently teamed up with Norway's Statoil in
four new joint ventures, including exploring the Magadan 1,
Lisyansky and Kashevarovsky license blocks, with prospective
recoverable resources at more than 1.4 billion tonnes.
ONGC already has a stake in Russia's Sakhalin-1 oil and gas
project in the Pacific, and in 2008 it bought the Imperial
Energy oil company in western Siberia.
(Editing by Louise Heavens)