How can a loss making Unit in Oil Sector submit a $.5 bn bid for Conoco Oilfeild assets in Canada?

Today's Times news on page 17 caries a heading" ONGC Led group submits $.5 bn for Conoco assets"

While our Netas are trying to curb the supply of Gas cylinders to domestic users on the ground of loss due to subsidy, even after inflated cost of expenditures and paying ad-hoc dividends to the Government, if the Petroleum Organisation is is a position to bid of such a magnitude for Overseas Oil Sectors, what does it imply? Can any body throw light on this?