IndianOil, OIL brace to bid for Devon assets
Mumbai   07-Jul-2007
IndianOil and Oil India Ltd (OIL) are likely to bid for the oil and gas assets sale of the US-based Devon Energy The two Indian companies are examining data relating to Devon's assets in six countries-, in West Africa now. Speaking to DNA Money, a source said, "We are currently examining the prospects of the fields. We will hopefully put in a bid shortly," He said the test Hate for closing the bid is July 18. IndianOil loses Petkim race TransCentralAsia Petrochemical Holding, a group of Russian and central Asian companies, won the auction for a 51% stake in Turkish state-owned petrochemicals maker Petkim Petrokimya Holding AS, in the country's biggest industrial asset sale since 2005. The group outbid rivals including iwilan Oil Corp. Devon Energy is in the process of disposing of its interest in oil and gas properties in six countries which include Angola, Cote D'Voire, Equatorial Guinea, Gabon, Ghana and Nigeria. Devon owns interests in 16 blocks hi various stages of production, exploration and appraisal in these six countries. Of these, it is the operator in six blocks, besides operating one butane plant in Cote D'Voire. The most significant producing property among these is its interest in the Exxon-operated Zafiro field in Equatorial Guinea. The Oklahoma-based company had earlier in April sold its properties in Egypt to Dana Petroleum for $375 million. IndianOil -OIL combine had also examined the Egypt opportunity. Devon plans to focus in, North America and the deepwater Gulf of Mexico, besides China and Brazil.