New Delhi, Aug. 10: ONGC has intensified its search for energy assets and is planning to jointly bid with Rosneft for the Russian Trebs and Titov fields in the Arctic region.

The PSU had earlier expressed interest to join hands with PetroVietnam to acquire BP’s assets in the Southeast Asian nation.

ONGC officials did not confirm or deny the Russia proposal. “We have always been interested in good oil and gas assets and have been scouting for energy resources. We bid alone or join hands depending on strategic needs,” the officials said.

The Russian government plans to auction the assets this year at a starting price of around $586 million. ONGC and Rosneft are partners in Russia’s Sakhalin I project, with a 20 per cent stake each in the operating company.

Sakhalin 1 had reached a peak production of 11.2 million tonnes in 2007. The current output is 155,000 barrels per day (bpd). This is expected to touch 200,000 bpd in the next calendar year.

Meanwhile, the Rajasthan government has agreed to pick up a 26 per cent stake in a refinery proposed to be set up in the state by ONGC, junior oil minister Jitin Prasada said.