ONGC to consider investing $10 bn in Canadian tar sands
  • Share
  • Tweet
  • Email
  • Whatsapp
  • Linkedin
  • Print
  • In a significant announcement at the World Petroleum Congress at Madrid, R.S. Sharma, CEO of Oil & Natural Gas Corp. Ltd. (ONGC) stated that the company could invest up to $10 billion in the exploration of the in the Canadian tar sands. Acknowledging that the environmental fears about the exploitation of the tar sands were enormous, Sharma added that the company was studying the likely environmental impact of the project1. The announcement would go a long way towards addressing criticism of the government exploration and production policy on grounds that it has significantly delayed exploring new sources of crude oil and would now have to pay a heavy price to buy such assets.

    Top