Oil India Ltd-IOC partnership acquires 30% stake in shale gas asset in Colorado for US$82.5 mln

The Oil India Limited – IOC partnership has acquired 30% stake in Carrizo Oil & Gas’ Niobrara shale gas asset in Colorado for US$82.5 mln. OIL will hold 20% stake, while IOC will hold 10% stake in the asset. Headquartered at Houston, Carrizo is engaged in the exploration, development, exploitation, and production of oil and natural gas, primarily in the Eagle Ford Shale in South Texas, the Barnett Shale in North Texas, the Marcellus Shale in Appalachia, the Niobrara Formation in Colorado, the Utica Shale in Eastern Ohio, and in proven onshore trends along the Texas and Louisiana Gulf Coast regions. Carrizo is also actively developing its oil discovery known as the Huntington Field in the UK North Sea. In 2011, GAIL India through its US subsidiary GAIL Global (USA) Inc. acquired 20% stake in Carrizo Oil and Gas’s Eagle Ford shale acreage for Rs 312 Cr. In 2010, Reliance Industries entered into a shale gas JV with US-based Carrizo Oil and Gas Inc for a 60% stake in Marcellus Shale acreage in Central and Northeast Pennsylvania for US$392 mln. RIL had also bought a 40% stake in Atlas Energy Inc's Marcellus Shale acreage for US$1.7 bln in April,’10. Around 32,500 trillion cu. ft (tcf) of shale gas reserves have been identified globally. The US is the leading producer of shale gas, with the fuel accounting for 17% of its domestic gas production. While there are no official estimates of shale gas reserves in India, according to oilfield services provider Schlumberger Ltd, the country has shale gas reserves of between 300 tcf and 2,100 tcf. The north-eastern states and the Cambay basin are believed to have shale reserves. India’s growing dependence on energy imports, there is emerging interest in tapping alternative energy sources such as shale gas and gas hydrates. Recently, Essar Energy PLC's subsidiary Essar Exploration & Production Limited sold 50% stake in Vietnam's offshore gas block 114 to ENI International B.V. GAIL India was planning to buy stake in the 10 mln ton LNG plant at Vladivostok on the Pacific coast in Russia.
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