Shirish Nadkarni
OGJ Correspondent
MUMBAI, Mar. 6 -- In an attempt to secure oil supplies for its refineries and strengthen India's energy security, state-owned Indian Oil Corp. (IOC) reported it is looking to acquire equity stakes in oil sands blocks in Canada and has initiated talks with BP PLC and Shell Canada Ltd.
An Indian delegation was in Canada last month to discuss the proposed investment. Other Indian firms interested in acquiring oil sands assets in northeastern Alberta include state-run Oil & Natural Gas Corp. and Oil India Ltd.
IOC has made several unsuccessful attempts to acquire equity stakes in overseas exploration and production blocks. The company doubts now that it will meet its 2012 target of sourcing 2 million tonnes/year of oil from its own overseas blocks.
