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) Magadan 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 Saturday.
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 for negotiation.
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.