ONGC Consortium Plans to Expand Unconventional Assets by Acquiring Six Oil Sand Assets in Alberta from ConocoPhillips for up to $5 Billion - Deal Analysis from GlobalData

GlobalData, July 2012, Pages: 9

ONGC Consortium Plans to Expand Unconventional Assets by Acquiring Six Oil Sand Assets in Alberta from ConocoPhillips for up to $5 Billion – Deal Analysis from GlobalData

Summary

Oil and Natural Gas Corporation Limited (ONGC), Oil India Limited (OIL) and Indian Oil Corporation Limited (IOCL) intend to acquire, through a consortium, six oil sand assets in Alberta, Canada, from ConocoPhillips for a purchase consideration of approximately $5 billion. The deal will be finalized through ONGC Videsh Limited, a subsidiary of ONGC. The six oil sand assets consist of the Surmont project, Thornbury, Clyden, Saleski, Crow Lake and McMillan Lake. ONGC is planning to use its existing credit lines with Deutsche Bank, Bank of America Merrill Lynch and Standard Chartered Bank to fund the transaction. TD Waterhouse is acting as financial advisor to the consortium for the transaction.

Scope

- Rationale behind the decision to plan acquisition of six oil sands assets from ConocoPhillips by ONGC consortium
- Stratigic benefits for the companies involved in the transaction
- Geography covered - Canada

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures undertaken by the Indian NOCs and ConocoPhillips. Rationale behind the acquisition plan of six oil sands assets of ConocoPhillips.
- Identify the reason of Indian NOCs acquiring oil sands assets in Canada.

Keywords

ONGC, OIL, IOCL, consortium, oil sands, Alberta, Canada, ConocoPhillips, ONGC Videsh Limited, Surmont project, Thornbury, Clyden, Saleski, Crow Lake and McMillan Lake.

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1.1 List of Tables
1.2 List of Figures
2 ONGC, OIL and IOCL Consortium Plans to Acquire Six Oil Sand Assets in Alberta from ConocoPhillips for up to $5 Billion
2.1 Deal Overview
2.2 Deal in Brief
2.3 ONGC Consortium Plans to Expand its Unconventional Asset Base by Acquiring ConocoPhillips’ Oil Sands Assets in Canada
2.4 ConocoPhillips Plans to Divest its Under-developed Oil Sands Assets as Part of its Global Restructuring Plan
2.5 Deal Financials and Valuations
2.6 Sources
3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 Disclaimer

1.1 List of Tables
Table 1: Indian NOCs, Major Acquisition Plan of Unconventional Oil and Gas Assets, September 2010 to Date
Table 2: ConocoPhillips, Major Divestments, January 2010 to Date
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Advisor Information
Table 6: Target Information
Table 7: Acquirer Information
Table 8: Acquirer Information
Table 9: Acquirer Information
Table 10: Vendor Information

1.2 List of Figures
Figure 1: ConocoPhillips, Map of Oil Sands Acreage in Canada, 2012
Figure 2: ConocoPhillips, Outline of Three-Year Global Restructuring Plan, 2010–2012

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