OIL, IOC buy 30% stake in US firm Carrizo for $82.5 mn

State-owned Oil India Ltd (OIL) and Indian Oil Corp (IOC) today announced the acquisition of 30 percent stake in US firm Carrizo Oil and Gas Inc’s shale gas assets in Colorado for $82.5 million (about Rs 428 crore).

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This is OIL-IOC combine’s first shale gas acquisition in the US. “The total consideration is $82.5 million consisting of an upfront cash payment of $41.25 million and the assumption of $41.25 million of Carrizo’s future drilling and development costs,” OIL Director (Finance) T K Ananthkumar said.

PTI