Tuesday, July 10, 2012

Indian consortium to make bid on ConocoPhillips assets

ONGC, Oil India and India Oil have joined together to buy a stake in ConocoPhillips' oil sands assets. The three are state owned corporations. The assets are said to be worth $5 billion, but it's not clear they're going to be buying all of them.

The article says that six assets are involved but doesn't list them, although earlier articles said they were Surmont, Thornbury, Clyden, Saleski, Crow Lake and McMillan Lake. Only Surmont is producing, at 25,000 barrels per day according to this article and since my free Oil Sand Review membership expired I can't be bothered to check that. It says some estimates put future potential production from all six properties at 500,000 barrels per day. That sounds pretty optimistic to me.

I'd written about the interest of Oil India and ONGC earlier. Then it had appeared that ONGC was going to be a much bigger player than Oil India, it's not clear if that's still the case. Another Indian company, Adani,this one private, was also sniffing around the properties, but apparently decided not to invest.


  1. Naive American Based ProducerJuly 11, 2012 8:10 pm

    500,000 bbl/d from Surmont only? Nuts!

    1. Nah from all six properties. Changing article to make that clear.