Energy Ink

India eyes ConocoPhillips’ oil sands properties

A trio of companies reportedly posts $5 billion bid

September 25, 2012

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–> Three state-run Indian companies are circling oil sands assets owned by the Canadian unit of ConocoPhillips.

They have offered a combined $5-billion for six Alberta properties, Nidhi Verma reports at Reuters. 

Interestingly, Oil and Natural Gas Corp. chairman Sudhir Vasudeva said the company had yet to make a bid despite reports that ONGC is among the trio of potential suitors.

–> Meanwhile, petrochemical heavyweights Dow Chemical Co. and Nova Chemical Corp. are the latest to pile on against TransCanada Corp.’s plan to rejig the cost of shipping natural gas on its cross-country mainline, Nathan VanderKlippe reports at the Globe and Mail.

The proposal, the companies say, would cost them an extra $70- to $100-million each year.

–> At the recently launched Quartz news site, Steve LeVine wonders whether oil companies eyeing promising fields in the northern region of Kurdistan have the power to break up Iraq.

The region holds great potential, as Chris Helman noted last week at Forbes.

–> The Kara Sea is also on our radar. As part of its partnership with OAO Rosneft, Bloomberg reports, ExxonMobil Corp. is advancing plans to drill in Arctic waters once used as a dumping ground for radioactive waste.

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