Gail seeks to exit US shale
GAIL is planning to exit its shale exploration business in the US, following in the footsteps of Reliance Industries and Oil India.
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GAIL Global (USA) Inc, a wholly-owned subsidiary of GAIL, is planning to sell “its entire Eagle Ford shale assets comprising up to 20% non-operated working interest (WI) in 92 oil and gas wells and 48 identified undrilled locations (approx 2,870 net acres of land) in Texas, USA,” GAIL said in a bid document. It has sought bids by February 14.
GAIL had purchased the shale assets in 2011 from Carrizo Oil & Gas Inc for $64 million. In addition, the purchase agreement also required GAIL to pay up to $31 million in development costs.
In the first half of the 2010s, multiple Indian companies were drawn to the promise of US shale. Reliance Industries and Oil India too had invested in the shale patch but both these companies have already exited their investments in the last few years.
Output from the US shale field changed the face of the global energy industry in a decade and a half and made the US the largest producer of oil and gas but left many investors disappointed. Many shale companies went bankrupt in the past decade.
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