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Indian company close to $5b oil sands investment

India’s state-run oil company is close to making a major investment in the oil sands.

The Times of India says Oil and Natural Gas Corporation, or ONGC, is in final stage talks to spend up to 5 billion dollars on a stake in Conoco-Phillips’ projects.

It says the properties produce 12 thousand barrels per day but could be expanded as high as 500 thousand b-p-d.

The paper’s source says the company is competing with a couple of other international bidders.

Published July 4, 2012