ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil & Natural Gas Corp (ONGC), is eyeing stake in Russia’s ambitious Arctic Ocean oil and gas projects with US major ExxonMobil and Italian energy giant ENI.

OVL on May 4 wrote to Russian state oil company Rosneft expressing interest in taking stake in one of the three joint ventures announced to explore for oil and gas beneath Arctic Ocean, sources privy to the development said.