India’s ONGC May Bid For $5Billion Conoco Oil Sands Assets
Oil and Natural Gas Corp , India’s biggest state-owned energy explorer, is considering bidding for part of ConocoPhillips Canadian oil sands holdings worth around $5-billion, a source with direct knowledge of the situation told Reuters on Tuesday.
With initial bidding to start soon there is likely to be competition from other global parties including another Indian state company Oil India.
Of the six assets offered in Alberta only the Surmount location, which is run in tandem with Total SA, is currently producing oil.
With foreign investors pouring money into the Alberta oil sands ownership of the industry has become a contentious issue in Canada.
In a recent interview with Today, Canadian Green Party leader Elizabeth May explained her worries. “It’s naive to think there’s no difference between Sinopec or PetroChina and Imperial Oil or Exxon,” said May.
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