Monday, May 28, 2012

Oil India looking to buy a piece of ConocoPhillips' oil sands operations

Oil India is looking to get on the oil sands train by buying part of ConocoPhillips. Details are thin, but looks like they don't want to operate, just be a joint venture partner. Unlike its Asian competitors in China, Japan, Korea and even Thailand, India has no projects in the oil sands that I'm aware of.
They say they're willing to spend between $100 and $200 million. At the scale of these projects, that doesn't seem like a particularly big investment. At a guess, I'd say COP values its Surmont property at something in the range of a billion dollars.

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