The document was signed in the presence of the Russian President Vladimir Putin and Prime Minister Narendra Modi by OVL Managing Director Narendra K Verma and Rosneft Chairman of the Management Board Igor Sechin.

Rosneft and OVL also signed a Memorandum of Understanding for cooperation for geologic survey, exploration and production of hydrocarbons onshore and on the continental shelf of the Russian Federation.

Commenting on the signed documents, Dinesh K Sarraf, Chairman and Managing Director, ONGC said: "We are happy for the ongoing cooperation between ONGC Videsh and Rosneft and successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC "Vankorneft".

Vankorneft, a Rosneft subsidiary, was established in 2004 for development of Vankor oil and gas condensate field – the largest of the fields, discovered and put into operation in Russia in the last 25 years.

The initial recoverable reserves of the Vankor field by January 1, 2015 are estimated at 476 million tonnes of oil and condensate and 173 billion cubic meters of gas. The acreage of the field is 447 square km.

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