US energy major selects oil PSUs for stake sale

The energy triumvirate of Oil & Natural Gas Corp,Indian Oil Corp and Oil India Ltd is one of the three groups shortlisted by US ConocoPhillips for a share sale in the latter’s six Canadian oil sands assets

Written by Express News Service | New Delhi | Published: October 16, 2012 12:52 am

The energy triumvirate of Oil & Natural Gas Corp,Indian Oil Corp and Oil India Ltd is one of the three groups shortlisted by US ConocoPhillips for a share sale in the latter’s six Canadian oil sands assets.

ConocoPhillips is selling as much as 50 per cent of its oil-sand reserves in Alberta of which Surmount is a producing asset and the rest —Thornbury,Clyden,Saleski,Crow Lake and McMillan Lake — need exploratory effort.

The Indian team of state-run firms has put a $5 billion bid for the six assets.

“We are one of the three shortlisted,” said an official from the team. The sands produce about 25,000 barrels of oil per day but further development could increase output to more than 500,000 barrels of oil per day.

DK Sarraf,head of ONGC’s overseas wing ONGC Videsh Ltd,declined to comment saying that it keeps looking at opportunities globally. ONGC Videsh Ltd last month bought US energy firm Hess Corp’s stake in Azeri,Chirag and Guneshli group of oil fields in Azerbaijan for $1 billion.

ConocoPhillips has been looking to sell assets in a number of countries,including Nigeria,as part of its global restructuring.

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