GAIL aims to acquire more shale gas assets in US

25 Oct 2011 Evaluate

Gas Authority of India (GAIL) India, state-run gas utility aims to acquire stakes in more shale gas assets in the United States in next six months. It will open an office in Houston on November 1 and to consolidate its presence in shale gas in US and will use the expertise for exploration in India. In the next five years GAIL agreed to buy a 20% stake in one of Carrizo Oil & Gas Inc's shale gas assets in US and will invest a total of $300 million.

Earlier, GAIL was looking to set up liquefied natural gas (LNG) terminals in the state, eyeing the market in the Haldia industrial belt. Though both the companies are tightlipped about the size of the terminals, as the state of West Bengal is yet to come out of the Tata Nano plant shut down in Singur the development is a boon as it may see thousands of crores of investment.

The company has reported 19% rise in net profit for the quarter ended September 30, 2011, on the back of higher gas trading volumes. The net profit increased to Rs 1,094 crore in July-September period of 2011 from Rs 924 crore in the year-ago period.

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