State gas utility GAIL (India) Ltd continues to hold a 20 per cent stake in Carrizo's Eagle Ford shale acreage, which it had acquired in 2011. The firm had previously divested its entire stake in the Marcellus shale blocks. With this, Reliance has divested all its shale gas assets and exited the shale gas business in North America. In November last year, Reliance said its wholly-owned subsidiary Reliance Eagleford Upstream Holding, LP has signed an agreement with Ensign Operating III, LLC to divest its interest in upstream assets in the Eagleford shale play of Texas. The move by OIL follows Reliance Industries Ltd's exit from US shale, which has not been attractive in generating returns. Haimo Oil & Gas holds the remaining 10 per cent stake in the project. As a result, Verdad became the new operator of the asset. Carrizo sold its entire stake in the Niobrara asset to Verdad Resources LLC in January 2018. Originally, OIL acquired the 20 per cent interest in the liquid rich shale asset in the Denver-Julesburg Basin from Carrizo Oil & Gas, Inc. The stake was sold to Verdad Resources LLC, which is the operator of the asset. The total investment of $82.5 million included an upfront cash payment of $41.25 million and a carry amount of $41.25 million, linked to Carrizo's future drilling and development cost. While OIL had acquired 20 per cent, IOC bought 10 per cent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries. Oracle Utilities: Turn raw data into a powerful information.The Economic Times Power Talks Presented By GE.Towards Digitalisation of Modern Energy Assets The Economic Times Energy Leadership Summit 2021.The New Electric World: Raising the bar for Electrical Safety and Power Availability.Sabic ESG LANDSCAPE FUTURE-PROOFING INDIAN BUSINESSESĪn initiative of The Economic Times & SABIC.Clean Energy Growth: Powering the Net Zeo future.The Economic Times Energy Leadership Awards 2022.The Economic Times Energy Leadership Summit 2022. Advancing Environmental Innovations In India.
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