New Delhi: Industry sources said state-run firms Indian Oil Corp. (IOC) and Oil India Ltd. (OIL) are jointly considering making a non-binding bid for the West African assets of US-based Devon Energy Corp.
The two companies were in the process of “evaluating the data and would submit a bid if the data meets expectations.”
The last date for submitting a bid is 18 July.
Devon owns interests in 16 blocks in various stages of production, exploration and appraisal in West Africa, most significantly an interest in the Exxon Mobil Corp. operated Zafiro field in Equatorial Guinea.
In January, it announced plans to sell the assets.
Spokespeople for both Indian firms declined to comment.