ONGC Videsh Eyes Barents Sea Fields

ONGC Videsh could team up with Gazprom and Rosneft to explore for oil and gas in the Barents Sea. According to external affairs ministry sources, OVL is "in discussion" with the Rosneft to take stake in the Prirazlomnoye field in Russia. Discussions between the two sides are expected to take place during external affairs minister Yashwant Sinha's visit next month. ONGC has been in talks with Rosneft for about three months, trying to find out whether Prirazlomnoye is commercially and technically viable.

Prirazlomnoye holds an estimated 3.6 trillion cubic meter gas reserves. ONGC also has 20 percent stake in the Exxon-led Sakhalin-I project, scheduled come on stream in 2006.