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Indian companies bidding for ConocoPhillips oil sands stake

Report says joint bid is for a 50% to secure overseas energy.


September 25, 2012
by ASSOCIATED PRESS

MUMBAI, India — A report says a consortium of state-run Indian oil companies has bid $5 billion for a stake in six Canadian oil sands assets owned by US energy giant ConocoPhillips.

The Press Trust of India news agency says Oil and Natural Gas Corp., Indian Oil Corporation and Oil India Ltd. made their joint, non-binding bid a few weeks back.

It cited an unnamed executive as its source.

ConocoPhillips is selling a 50% stake in its Alberta oil sands assets.

India imports three-quarters of its oil and its state-owned oil companies have been looking to secure energy supplies overseas to meet rising domestic demand.

Executives at the three Indian companies could not be reached for comment.
ConocoPhillips spokeswoman Davy Kong says, “We do not comment on market rumours.”