Oil India mulls stakes in overseas assets: sets sights on Canadian oilsands amongst others

Indian state company, Oil India has announced that it would be interested in acquiring a stake in ConoccoPhillip’s oilsands fields in Canada.

The company’s finance director, TK Ananth Kumar said that Oil India was also interested in buying a stake in Chesapeake’s Lime formation in Oklahoma. The Indian state player’s hunt for oversea’s assets has also seen it state interest in acquiring part of Maurel & Prom's assets in Gabon. At present, Oil India's entire crude oil production and the majority of gas production comes from assets in northeast India.

Kumar was quoted as saying, “For unconventional assets, we can spend US$ 100 million – US$ 200 million. We don’t want to be operators as we don’t have experience in that … For conventional, like Maurel & Prom’s assets, we can spend up to US$ 1.5 billion.”

Oil India already owns a 45% stake in the Shakthi block, which is also operated by Gabon.

Edited from various sources by David Bizley

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