OIL and IOC on 4 October 2012 announced the acquisition of 30 per cent stake in Houston based Carrizo Oil & Gas's Niobrara shale gas asset in Colorado.
The deal was valued at around for $85.2 million (approx Rs 450 crore). While OIL will hold 20 per cent equity and IOC will hold 10 per cent.
In September 2011, GAIL had acquired 20 per cent stake at Carrizo's Eagle Ford shale acreage in south Texas for $95 million (approx Rs 41.5 crore). GAIL and its partners are expected to invest up to $300 million (approx Rs 1,530 crore) over the next five years at the field. Likewise, Reliance Industries (RIL) holds 45 per cent stake in Eagle Ford and 60 per cent stake in a Marcellus Shale gasfield through a joint venture with Carrizo.