Report: India consortium bids for Canada oil sands

Associated Press

MUMBAI, India (AP) — A consortium of state-run Indian oil companies has bid $5 billion for a stake in six Canadian oil sands assets owned by U.S. energy giant ConocoPhillips, the Press Trust of India reports.

Oil and Natural Gas Corp. (ONGC), Indian Oil Corp. and Oil India Ltd. made their joint, non-binding bid a few weeks back, PTI reported, citing an executive it didn't name. PTI says ConocoPhillips is selling a 50 percent stake in the assets, which could produce over 500,000 barrels per day.

India imports three-quarters of its oil and its state-owned oil companies have been looking to secure energy supplies overseas to meet rising domestic demand.

Executives at the three Indian companies could not be reached for comment.

ConocoPhillips spokeswoman Davy Kong says, "We do not comment on market rumors."