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