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India's ONGC buying into Alberta oil sands

July 5, 2012 at 11:39 AM   |   Comments

MUMBAI, July 5 (UPI) -- India's state Oil and Natural Gas Corp. is discussing investing in Alberta, Canada, oil sands with ConocoPhillips.

Speaking on condition of anonymity, a person familiar with the negotiations between ONGC and Houston-based ConocoPhillips said the discussions for ONGC purchasing a share in the company's Alberta oil sands concessions and investing up to $5 billion were in their final stages.

ONGC is pursuing the deal through its overseas arm, ONGC Videsh Ltd., the Economic Times reported Wednesday.

The six Alberta properties that interest ONGC produce 12,000 barrels per day of oil, and production can be ramped up to 500,000 bpd, some projections of the concession's potential output indicate.

Six months ago ConocoPhillips said it was looking for joint-venture partners to develop exploration at some of its Canadian concessions and appointed the Bank of Nova Scotia to oversee the auction process for divesting a share in its assets, which besides ONGC, also interested India's Adani Group.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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