GAIL to exit US shale venture
Reliance Industries Ltd and Oil India Ltd. India's largest gas transportation and marketing company has floated a tender to sell its 20 per cent interest in Eagle Ford Shale Assets in Texas US, according to the tender document.
Bids have been invited by February 14 for the sale of GAIL's entire holding in the Eagle Ford.
The transaction will be effective January 1, 2025, the document showed.
«We are not making much money there because of the low gas prices (in the US),» a company source said on the sidelines of India Energy Week. «The venture is housed in a private company (which is a subsidiary of GAIL). If it is not making profits obviously the owners will ask questions.»
GAIL had in September 2011 acquired its first shale gas asset in the US when it took a 20 per cent interest in Nasdaq-listed Carrizo Oil & Gas Inc's Eagle Ford Shale acreage for USD 95 million.
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