Reliance completes shale deal

Sep 12, 2010 |

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Sept. 12: Reliance Industries has completed the purchase of a shale gas property in the US on Sunday. RIL had signed an agreement to buy a 60 per cent stake in a 1.04 lakh acre project for $392 million. The total resource potential of the entire property is 3.6 trillion cubic feet, of which RIL will have rights over 2 trillion cubic feet.

In a statement to the media, Carrizo Oil & Gas, which will hold the remaining 40 per cent in the project, announced that it had “closed its previously anno-unced joint venture transaction in the Marcellus Shale with a subsidiary of RIL.”

RIL has acquired a part of the holding of Carrizo in the block while the remainder has been purchased from a venture capital fund.

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