BackConocoPhillips keen on upstream sector
ConocoPhillips keen on upstream sector
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Kuala Lumpur: ConocoPhillips, the No. 3 US oil and gas company, is actively working to gain a foothold in the Indian upstream sector, chief executive Jim Mulva said on Monday. Mulva also reaffirmed that a major upgrade at Conoco’s recently acquired 275,000 barrels per day Wilhelmshaven refinery in Germany was to proceed, but added it would probably be completed after 2010.
“We would like to be in the upstream in India. We have been studying India for the past two years," Mulva said in an interview at the oil and gas conference in Kuala Lumpur. Conoco is in talk with Indian companies, Mulva said, adding that the upstream sector in the country is very competitive.
A host of natural gas discoveries offshore India have spurred renewed interest in Indian exploration and production, although only a few oil majors have entered the sector so far.
The upgrade at the Wilhelhmshaven refinery would differ from the company’s initial plans, Mulva said without giving further details. It will transform the facility refinery into a complex, deep conversion, refinery.
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