Reliance Industries, India's largest company, has acquired a 60 percent stake in a large Marcellus Shale gas asset from Carrizo Oil & Gas for $392 million, Blooomberg News reports.
The company controlled by billionaire Mukesh Ambani will
pay $392 million for the stake in the Marcellus shale-gas areas
of central and northeast Pennsylvania, according to an e-mailed
statement today. Reliance, based in Mumbai, will pay $340
million in cash and cover part of Carrizo's drilling costs over
two years.
The Indian energy explorer and oil refiner agreed in April
and June to pay a total of $3 billion to buy shale-gas assets
from Atlas Energy Inc. and Pioneer Natural Resources Co.
Reliance joins Royal Dutch Shell Plc, BP Plc and Exxon Mobil
Corp. in acquiring unconventional gas reserves in the U.S.,
where shale-gas accounted for about 10 percent of the country’s
total output in 2008.
Original Source: Bloomberg News
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