GAIL to acquire 20 of US shale gas asset

State run GAIL has announced a deal with US based Carrizo Oil & Gas Inc to acquire 20% of shale gas assets in US for nearly USD 300 million. GAIL will use its whole owned international subsidiary GAIL Global to complete the deal. GAIL has earlier announced to spend up to USD 2 billion for overseas acquisition. This deal will provide GAIL access in the North American market. It will also help GAIL to pursue different upstream opportunities in the whole North American region.

GAIL will be the second company after Reliance Industries Ltd to acquire shale gas asset abroad. This also shows global presence of Indian Companies in the Oil and Gas sector. India imports most of its Oil and Gas from outside countries, these type of deals will help to secure uninterrupted flow of Gas and Oil in future.