Oil India and Indian Oil, together Bought 30% stake in Carrizo Shale Assets

Public sector companies Oil India Ltd and Indian Oil Corporation Ltd on 4 October 2012 announced acquisition of 30 per cent stake in Houston-based Carrizo Oil & Gas Inc's liquid rich shale assets in Colorado.
 
Both the companies together are going to invest $82.5 million that includes an straight cash payment of $41.25 million. Remaining $41.25 million will be paid based on future drilling and development costs. OIL India will have 20 per cent stake, while Indian Oil Corporation would have 10 per cent stake.

Currently, the assets produce 1,850-2,000 barrels of oil & oil equivalent (BOE). The Indian companies would get 600-700 Barrels of Oil Equivalent as their share.

This is OIL India and Indian Oil Corporation's first shale gas acquisition in the US.
 
Carrizo is a Houston-based energy company actively engaged in the exploration, development, exploitation, and production of oil and natural gas, primarily in the Eagle Ford Shale in South Texas, the Barnett Shale in North Texas, the Marcellus Shale in Appalachia, the Niobrara Formation in Colorado, the Utica Shale in Eastern Ohio, and in proven onshore trends along the Texas and Louisiana Gulf Coast regions. Carrizo is also actively developing its oil discovery known as the Huntington Field in the UK North Sea.