“We have agreed on a basket of discovered fields in Russia, which might include Sakhalin-3, Vankor and number of others,” Aiyar was quoted as saying by agencies.

“Rosneft has indicated that it would want to take ONGC along in 11 identified projects, the Calcutta Telegraph reports. In due course OVL and Rosneft are to issue a joint statement identifying these projects.”

Aiyar said he could not identify any of the projects at this stage, according to the Calcutta Telegraph. But he said ONGC was likely to take up a stake in Yuganskneftegaz (Yuganz) assets previously owned by Yukos and acquired by Rosneft under controversial circumstances that are still open to legal challenge.

Yukos filed in a US court to protect its assets, but Aiyar said he thought the US sovereignty immunity act could be used to prevent the challenge in the court.

The minister said the issue of merger between Rosneft and Gazprom had to be settled and the legal status of Yugansk clearly defined India could make a decision on acquiring a stake in Yugansk assets.

Aiyar also saying that New Delhi is looking at investing several billion dollars in Russia's lucrative energy sector as part of its hunt for energy security, according to the Indo-Asian News Service.

India is already investing more than $2 billion in Sakhalin-1 offshore oil and gas project and is considering significant investments in the massive third phase of the project.

Indian officials said India was also exploring the option of investing in the oil-rich East Siberia and Pechora regions and proposals for large Indian investments in Vankor and Severny oil fields were being considered, the Indo-Asian News Service reported.