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GAIL to Exit US Shale Gas Venture, Invites Bids for Eagle Ford Stake

A company source cited low US gas prices as the main reason for the exit, stating that the venture was not generating sufficient profits
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State-owned GAIL (India) Limited plans to exit its shale gas investment in the United States, following Reliance Industries Ltd and Oil India Ltd in divesting shale assets. The company has invited bids to sell its 20% stake in the Eagle Ford Shale Assets in Texas, with a submission deadline of February 14. The transaction will take effect from January 1, 2025.

Also Read: NTPC Renewables Hosts Lenders Meet to Strengthen Financial Partnerships for 60 GW RE Target

A company source cited low US gas prices as the main reason for the exit, stating that the venture was not generating sufficient profits. GAIL had entered the US shale market in 2011 by acquiring a 20% stake in Carrizo Oil & Gas Inc.’s Eagle Ford Shale acreage for $95 million. The asset covered 20,200 acres, with GAIL controlling 4,040 net acres.

The Eagle Ford asset currently produces 3,681 barrels of oil and 5,368 cubic feet of gas per day. GAIL’s interest includes 92 producing wells and 48 additional drilling locations. The net present value of its stake is estimated at $26.36 million.

This exit follows changes in asset operatorship and aligns with GAIL’s strategy to optimize investments and focus on core gas business operations.

Also Read: ITS Officer Naveen Kumar Appointed as CVO of Power Grid, IRSME Rajnesh Singh to Head Vigilance at GAIL


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