State-run ONGC Videsh is in talks with Russia's Rosneft to pick up equity stakes in two blocks in East Siberia in two separate deals. The exact sizes of the deals are not known but are believed to have combined worth of around $2 billion. An announcement is likely when Vladimir Putin, President of Russia, visits India in December. In one of the deals, OVL, the overseas subsidiary of India's largest explorer ONGC, is looking at picking up a 10 per cent stake in the Vankor fields that are producing crude oil, feasibility studies are currently on. The field, which has been under production since August 2009, currently produces more than 400,000 barrels of oil per day, double the output of Barmer, India's largest onshore field, which is operated by Cairn India.
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