Canadian Firms Deny Rumors of Acquisition Talks With ONGC
May 23, 2008
Canadian energy firms Pearl Exploration and Production and Petrobank Energy and Resources have denied rumors that they are in talks to be acquired by the Indian exploration and production major, Oil and Natural Gas Corporation, according to Reuters.
The news source noted that speculation over Oil and Natural Gas Corporation’s (ONGC) acquisition of the two companies surfaced after the Indian firm’s overseas arm, ONGC Videsh, was reported by an Indian media source as being in talks with a Canadian company with Alberta oil sands assets.
ONGC has been active in pursuing oil sands properties in Canada and is seeking to invest in excess of $1 billion, according to Reuters.