Tuesday, June 05, 2012

ONGC might bid on ConocoPhillips assets

Hot on the heels of their compatriots, ONGC, another Indian government owned oil company, is looking to invest in the oil sands assets of ConocoPhillips (COP). This time they say they have $5 billion to spend, much more than the $100 to $200 million Oil India had suggested a week ago. 

The properties COP apparently has on the table include Surmont, Thornbury, Clyden, Saleski, Crow Lake and McMillan Lake assets. Of these, only Surmont is currently producing. It is a 50-50 joint venture with Total.

It's not clear if these two new signs of interest is coincidental or if the Indian government is making a concerted effort to get more involved in the oil sands.

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