A major Indian oil company is planning to buy a stake in Shell’s oil sands projects, according to Reuters.
State-owned Oil and Natural Gas Corporation, or ONGC, is reported to be in talks to buy a ten percent stake in the mines from Marathon Oil.
Marathon currently owns 20 percent of the Muskeg River and Jackpine mines.
Chevron also owns twenty percent while Shell has the other sixty.
ONGC was rumoured to be part of a three-company group that tried to buy oil sands assets owned by ConocoPhillips last month.
October 17, 2012
