June 7, 2012.Adani Group is evaluating a possible bid for some of the Canadian oil sands assets being divested by ConocoPhillips. Adani has sought a memorandum of information from ConocoPhillips to study the assets but yet to take a decision if it will bid for them. A successful bid for the assets could cost the Adani Group in excess of $5 billion. Houston-based ConocoPhillips said that it is selling a stake in six Alberta properties that produce 12,000 barrels of oil a day from an estimated 30 billion barrels of bitumen. The company has appointed the investment banking arm of Bank of Nova Scotia to run the auction process for the sale of the assets. ConocoPhillips recently completed the spin-off of its refining activities into Phillips 66, a newly created independent U.S. company and has been looking to divest some of its non-core assets as part of a global restructuring exercise. Oil and Natural Gas Corporation Limited (ONGC) is also said to be in the fray to bid for Conoco's Canadian oil sands assets which are likely to attract interest from a number of international bidders including some large Chinese companies. The Adani Group has been evaluating an entry into the oil and gas business which it believes will provide it a strong hedge against some of the other more volatile businesses such as commodity trading that it is engaged in. Adani also evaluated a bid for Gujarat Gas but did not finally make a binding offer for the same.