ONGC Evaluating Stake Buy In Russia's Vostok Oil Project

Vostok is one of Russia's biggest oil project comparable in size with the exploration of West Siberia in the 1970s or the US Bakken oil province.

Oil and Natural Gas Corporation (ONGC) is evaluating the purchase of stake in Russia's massive Vostok Oil project, a company official said on Thursday, as the two countries seek to deepen their economic ties in the energy sector. Vostok is one of Russia's biggest oil project comparable in size with the exploration of West Siberia in the 1970s or the US Bakken oil province over the past decade. "We are still in the evaluation stage. We are looking at it (Vostok Oil), it is a very large complex project," A K Gupta, managing director of ONGC Videsh Ld, the overseas investment arm of ONGC, told Reuters. He did not give any further details on the deal.