Reliance Industries (RIL) will buy its third shale gas asset in the US for $392 million. RIL will pay $340 million in cash to acquire a 60 per cent stake in the Marcellus shale-gas acreages held by Carrizo Oil and Gas Inc and its partner, and the remainder $52 million would in Carrizo’s drilling cost in the Marcellus shale-gas areas of central and northeast Pennsylvania.
Earlier in 2010, RIL had bought a 40 per cent stake in Atlas Energy Inc’s Marcellus Shale acreage for $1.7 billion. Then in June 2010, it had agreed to buy a 45 per cent stake in Pioneer Natural Resources Co’s Eagle Ford shale natural gas asset in Texas for about $1.36 billion. Continue reading