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    Indian Oil Eyeing Petronas' Canadian Shale Asset

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Summary

State owned Indian Oil Corp (IOC) is reportedly eyeing Petronas' 10 per cent stake in Canadian shale gas assets, worth at least $1.5 billion.

by: Shardul

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Asia/Oceania

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Indian Oil Eyeing Petronas' Canadian Shale Asset

State ownedIndian Oil Corp(IOC) is reportedly eyeing Petronas' 10 per cent stake in Canadian shale gas assets, worth at least $1.5 billion.

According to Press Trust of India (PTI), Petronas has approached IOC with an offer to sell a 10 per cent stake in shale gas assets in northeastern British Columbia.

The talks are at a very early stage and the outcome is expected only after some months, PTI said.

The Malaysian energy giant acquired Progress Energy last year which gave it the ownership of shale assets in Canada.

IOC which had previously ventured into overseas oil and gas exploration and production with state-owned explorer Oil India Ltd, is currently talking to Petronas alone, PTI said.

 

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