India's GAIL to buy Eagle Ford shale gas-condensate assets

A unit of state-owned GAIL India Ltd. agreed to invest in US shale assets by acquiring a 20% interest in Eagle Ford shale acreage from Houston-based Carrizo Oil & Gas Inc. GAIL Global (USA) Inc. said its joint venture with Carrizo involves 20,200 gross acres, of which GAIL would have 4,040 net acres spread over four South Texas counties with most of the acreage being in La Salle County. Terms call for GAIL to pay $95 million, starting with an upfront cash payment of $63.7 million and $31.3 million linked to Carrizo's future drilling and development costs. Total investment will be around $300 million over 5 years, GAIL said. This transaction marks the latest India company to acquire US...

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