Oil India Ltd plans to buy shale gas assets in the United States and Australia, and has shortlisted seven investment banks to explore acquisition opportunities. The state-run explorer plans to spend Rs 4,500 crore ($962 million) in capital expenditure in this fiscal year to March 2011, including acquisitions. The company would team up with two other state-run energy firms, GAIL India and Indian Oil, for possible acquisition of shale gas assets. The firm wants to make at least one acquisition in the current fiscal year.
Companies from around the globe are increasingly investing in US shale plays underground rock formations that hold reserves of oil and natural gas. Shale gas accounts for between 15% and 20% of US gas production but is expected to quadruple in coming years, touching off a scramble among producers large and small for access to resources.
Energy major Reliance Industries Ltd, which has already done three shale gas joint ventures with US companies this year, is a likely partner for Chesapeake Energy Corp’s Eagle Ford shale acreage.
crackcrackCompany Name | CMP |
---|---|
ONGC | 260.40 |
Oil India | 614.95 |
Jindal Drilling&Inds | 627.05 |
Hind Oil Exploration | 183.20 |
Deep Industries | 286.50 |
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