ONGC Videsh is likely to acquire stake in the Magadan 2 project in the Northern part of the Sea of Okhostk.
The company is holding discussions with Russia’s Rosneft to pick up equity in the project. However, plans are afoot as discussions are at initial stages. The proposal was made to India on 13 October 2012 during the India-Russia Joint Working Group meet. Rosneft has been offered five blocks on the Sea of Okhotsk shelf for geological surveying, exploration and development. The five blocks are Magadan 1, 2 and 3, Lisyansky and Kashevarovsky. The total recoverable resources at these deposits stand at over 1.1 billion tonne of liquid hydrocarbons and 2 trillion cubic metre of gas, including 850 million tonne of oil and 1.789 trillion cubic mtrs of gas at the Magadan 1, 2 and 3 blocks.