Reliance Pays $1.3B For Interest in Eagle Ford
After speculation mounted that Reliance Industries would purchase a large interest in the Eagle Ford shale play, the Indian company solidified the deal today to the tune of $1.3 billion.
Under the helm of India’s richest man Mukesh Ambani, Reliance bought a 45 per cent interest in the Texan gas field which is owned by US-based Pioneer Natural Resources.
This is the second major shale deal Reliance has inked in the US this year. In April, the company invested $1.7 billion in a joint venture with Atlas Energy, which owns gas fields across Pennsylvania, West Virginia and New York.
Low operating costs and access to technology in energy-dependent Texas make the Eagle Ford field one of the most “economically attractive” unconventional resources in North America, Reliance said in an article published by AFP today.
Short URL: http://naturalgasforamerica.com/?p=866
Posted by admin
on June 24th, 2010. Filed under Eagle Ford Shale, Shale Basins, Shale Gas.
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