Oil & Natural Gas Corporation Limited In Final-Stage Talks To Purchase Stake In ConocoPhillips's Alberta Oil Sands-Economic Times

The Economic Times reported that Oil & Natural Gas Corporation Limited (ONGC) is in final-stage talks to purchase a stake in some of the Canadian oil sands assets owned by ConocoPhillips. ONGC is in discussions with bankers to finalize the deal structure and financing for the proposed investment into some of Conoco's Alberta properties in which the latter is looking to divest a stake. ONGC may invest up to $5 billion to purchase a stake in the six Alberta properties which currently produce 12,000 barrels per day of oil and where production can be ramped up to 500,000 barrels per day, according to some estimates. ONGC is pursuing the deal through its overseas arm, ONGC Videsh Limited (OVL). The ONGC may use some of its existing credit lines with Deutsche Bank, Bank of America Merrill Lynch and Standard Chartered Bank to fund the deal.