State-run oil and gas major, Oil and Natural Gas Corp. (ONGC) is likely to close a deal in acquiring equity stakes in oil sand projects in Canada for up to $4 billion.
ONGC group chairman and managing director AK Hazarika, quoted, “We are looking for these type of opportunities (investing in oil sands). Canada has huge reserves of oil sands."
Commenting on investment in oil sands exploration, AK Hazarika further said, “It will be in billions. Volumes are very big. It may go to anything between $2 billion and $4 billion."
Canada has huge reserves of oil sands and crude oil output from oil sands in the region is expected to cross 2.7 million barrels per day (mbpd) by 2015.
