Indian Trio Bids $5 Billion for ConocoPhillips Oil Assets

Reuters reported that a group of three Indian oil companies — Oil and Natural Gas Corp., Oil India Ltd. and Indian Oil Corp. — bid $5 billion for stakes in oil sands assets owned by Canada’s ConocoPhillips (NYSE:COP). Canada is currently completing a study of its capacity for foreign investment in the tar sands.

As quoted in the market news:

“We have bid along with Oil India and Indian Oil Corp,” a source at ONGC Videsh, the overseas investment arm of ONGC, told reporters on Monday. A source at Oil India said the bid was submitted at the end of July.

ConocoPhillips declined to comment on the bid from the Indian firms, the timing for announcing the results of the auction, or the overall level of interest.

Click here to read the full Reuters report.