State run, Oil India and Indian Oil Corporation partnership is likely to acquire participating interest in Houston-based Carrizo Oil & Gas's Niobrara shale gas asset in Colorado. Two public sector undertakings are looking at a 30% stake in the Carrizo’s shale gas asset, with Oil India holding 20% and Indian Oil 10%.
For Carrizo, the Oil India-Indian Oil venture is not the first Indian company with whom it will be doing business. Earlier, GAIL had acquired 20% in Carrizo’s Eagle Ford shale acreage. Carrizo Oil also has a joint venture with Reliance Industries for the Marcellus shale acreage in northern and central Pennsylvania.
