India state oil firms bid for ConocoPhillips oil sands assets in Canada

9/24/2012

India state oil firms bid for ConocoPhillips oil sands assets in Canada

BY RAKESH SHARMA

NEW DELHI -- Three state Indian oil companies run have jointly bid to acquire oil-sands assets owned by ConocoPhillips in Canada that are valued around $5 billion, senior executives at ONGC and Oil India said.

We have bid along with Oil India and IOC the executive at ONGC Videsh, the wholly owned overseas investment unit of ONGC, told reporters.

The executive said the companies have bid for seven of ConocoPhillips's oil sands assets in Canada. An executive at explorer Oil India separately told The Wall Street Journal by telephone that the bid was placed in end-July.

Dow Jones Newswires

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