ONGC group bids $5 b for ConocoPhillips' assets

 Oil & Natural Gas Corp (ONGC), Indian Oil (IOC) and Oil India (OIL) have made a joint bid of about $5 billion for buying stake in six Canadian oil sands assets of US energy giant ConocoPhillips. “We had a few weeks back placed a non-binding bid for a stake in the six Alberta properties of ConocoPhillips,” officials said.

ConocoPhillips has hired Scotia Waterous for selling stake in six Alberta properties that produce about 25,000 barrels of oil per day from an estimated 30 billion barrels of bitumen in place. Development of these reserves could increase production to more than 500,000 bpd.

ConocoPhillips has been looking to sell assets in a number of countries, including Nigeria, as part of a global restructuring. Of its six properties on offer in Canada, only Surmont, run in a joint venture with France’s Total SA, is producing oil. The other properties are Thornbury, Clyden, Saleski, Crow Lake and McMillan Lake assets. The land totals 715,000 acres. ConocoPhillips had in 2010 sold its interest in the Syncrude Canada oil sands mining venture to Sinopec for $4.7 billion.