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RIL to buy 60% stake in US shale-gas venture

Reliance Industries on Thursday said it will buy a 60 percent stake in a shale-gas venture in the US for USD 392 million, the third unconventional gas acquisition made by the Mukesh Ambani-run firm this fiscal.



New Delhi: Reliance Industries on Thursday said it will buy a 60 percent stake in a shale-gas venture in the US for USD 392 million, the third unconventional gas acquisition made by the Mukesh Ambani-run firm this fiscal.

RIL in a press statement said it will pay USD 340 million in cash and USD 52 million in drilling cost to Carrizo Oil and Gas Inc and its partners for a 60 percent stake in the Marcellus shale-gas areas of central and northeast Pennsylvania.

New Delhi: Reliance Industries on Thursday said it will buy a 60 percent stake in a shale-gas venture in the US for USD 392 million, the third unconventional gas acquisition made by the Mukesh Ambani-run firm this fiscal.

RIL in a press statement said it will pay USD 340 million in cash and USD 52 million in drilling cost to Carrizo Oil and Gas Inc and its partners for a 60 percent stake in the Marcellus shale-gas areas of central and northeast Pennsylvania.

The Mumbai-based firm had in April bought a 40 percent stake in Atlas Energy Inc`s Marcellus Shale acreage for USD 1.7 billion.

In June, it had agreed to buy a 45 percent stake in Pioneer Natural Resources Co`s - Eagle Ford shale natural gas asset in Texas for about USD 1.36 billion.

PTI

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