ONGC Videsh, Rosneft team up to search for hydrocarbons in offshore Arctic.

ONGC Videsh Ltd., the overseas arm of the state-owned explorer ONGC, has signed a deal with Russia's largest oil and gas producer Rosneft to jointly explore hydrocarbons in the offshore Arctic.

Igor Sechin, President and Chairman of the Management Board of Rosneft and Dinesh Kumar Sarraf, Chairman of OVL and Chairman & Managing Director, Oil and Natural Gas Corp, signed a Memorandum of Understanding at the St Petersburg International Economic Forum, in the presence of Russian President Vladimir Putin.

'The Memorandum paves the way for the companies' co-operation in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia's offshore Arctic,' the Indian firm said in a statement.

HBL