India’s Gail seeks Eagle Ford stake
Non-binding bid for 20% in shale-gas assets from unnamed US company
India’s state-owned gas utility, Gail, is in talks for a stake in the US’ Eagle Ford and Barnett shale plays. Gail is making a non binding bid for 20% in shale-gas assets owned by an unnamed US company estimated to be worth between $400million and $500 million. Both plays are in Texas.
Gail is the second Indian company, after Reliance Industries, that is acquiring equity in US shale-gas assets. Gail said the acquisition is aimed to give it the competence to bid for and develop shale-gas assets in India.