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HindustanTimes Fri,18 Apr 2014

ONGC-IOC-OIL bid in ConocoPhillips shortlist

HT Correspondent, Hindustan Times  New Delhi, October 15, 2012
First Published: 22:30 IST(15/10/2012) | Last Updated: 22:31 IST(15/10/2012)

US-based global energy major ConocoPhillips has short listed the consortium of state-owned firms ONGC, IOC and OIL, apart from two other consortiums for a possible sale of stake in its six Canadian oil sands assets.

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ONGC Videsh Ltd (OVL), the overseas arm of ONGC, with IOC and OIL, had some weeks ago, placed a $5 billion bid for buying stake in six Alberta oil sands assets of ConocoPhillips.

“We (ONGC, IOC and OIL) are one of the three shortlisted,” said a source.Houston-based ConocoPhillips is selling as much as 50% of its oil-sand reserves in Alberta.“There are some producing assets and exploration assets on offer,” the source added.

OVL managing director DK Sarraf indicated that North America was one of the areas they may be looking at. “Wherever there are opportunities, we certainly look at them.”

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