India's Reliance inks shale gas JV with Carrizo

India’s largest private sector company Reliance Industries continues on its US acquisition spree by spending $392 million on a shale gas joint venture with Carrizo.

Mukesh Ambani’s flagship company Reliance Industries has further consolidated its presence in the shale gas industry in the US by paying $392 million for a 60% stake in a joint venture with Carrizo Oil Gas. The announcement marks the third gas deal by Reliance since April.

Reliance will buy a 20% interest in 52,200 Carrizo net acres in Pennsylvania for $65 million, which will be paid $13 million in cash to Carrizo and $52 million by way of carry for future drilling, completion and seismic costs. Simultaneously Reliance will buy the entire interest of private equity firm Avista Capital Partners, which is a Carrizo affiliate, in the same properties for $327 million.

Carrizo...

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