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ENERGY: India’s ONGC and Taiwan’s CPC interested to invest in oil sands
        (AlbertaIndex, August 5, Tuesday) --- The state oil companies of two Asian countries said they are interested to invest in Canada’s oil sands.
        India’s leading upstream company, ONGC, said it could invest up to US$10 billion for a stake in Alberta’s oil sands projects, while Taiwan’s CPC is in talks with aboriginal communities to produce oil in Saskatchewan.

ONGC said it has completed making due diligence studies on the industry, and could be ready to move ahead with an investment.

Separately, Taiwan’s CPC could spend up to $800million to acquire oil sands leases and develop projects with aboriginal firm Indian Oilsands, an initiative that involves many of Saskatchewan’s First Nations groups.

The joint venture could start by focusing on the Axe lake oil sands discovery located near the border with the province of Alberta.

Analysts said Asian companies could start by buying small stakes in junior oil sand firms that need financing to launch their projects.

Both the economies of Taiwan and India are growing rapidly. However, they are struggling to secure energy supplies to sustain their growth in the years ahead.

Alberta’s oil sands reserves have become increasingly attractive for investors as world crude oil prices continue to soar while production of conventional oil is peaking.


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