Tuesday, September 25, 2012

Investment by Oil Companies in Canada

It is not only FDI inflows in India but also in other countries that is noticed at large. And Indian companies are well taking advantage of the opportunities. Three state controlled oil companies are all geared up to invest in Canadian energy resources.

 A bid amounting to $5 billion has been made by Oil Natural Gas Corp, Oil India Ltd, and Indian Oil Corp for stakes in Canadian oil sands assets owned by ConocoPhillips. These Indian companies would be the first to invest in Canada’s energy resources. ConocoPhillips happens to produce 12,000 barrels of oil a day. And 30 billion barrels (approximate) of bitumen goes into the production of such a huge figure!

To meet 80 percent of its demand for oil, India imports oil from abroad. And the demand is only rising. Such investment ventures in oil assets abroad will at least help the country to meet this growing demand.

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