May 28, 2012 / 1:02 PM / 5 years ago

Oil India eyes stake in ConocoPhillips' Canada oil sands

NEW DELHI (Reuters) - State-run explorer Oil India (OILI.NS) is looking at buying stake in ConocoPhillips’ (COP.N) oil sand assets in Canada, as well as the Gabon assets of France’s Maurel et Prom (MAUP.PA), Finance Director T.K. Ananth Kumar said on Monday.

“For unconventional assets, we can spend $100 million-$200 million. We don’t want to be operators as we don’t have experience in that,” Kumar told reporters.

“For conventional, like Maurel et Prom’s assets, we can spend upto $1.5 billion,” he said.

Oil India, whose assets in India’s northeast account for its entire crude oil production and the bulk of gas production, has been aggressively scouting for overseas assets in discovered and producing areas.

Reporting by Nidhi Verma; editing by Malini Menon

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