GAIL India to Seek More Shale Gas Assets

GAIL India plans to add to its recent purchase shale gas assets in the United States.

"We are looking for more assets there. We can't fix a timeline but we hope something will come out in six months," Charirman B.C. Tripathi commented.

GAIL India recently made a foray into the US shale market after firming up a deal with Houston-based Carrizo Oil & Gas, picking up a 20% stake in Carrizo’s Eagle Ford shale acreage.

The stated owned company will spend $300 million over a five year period including an upfront cash payment of $63.7 million and a carry amount of $31.3 million linked to Carrizo’s future drilling and development costs.

The deal will provide the Indian company with expertise, which it hopes to lever domestically.