Gail India Forms U.S. Shale Joint Venture

Gail India (New Delhi) says its Gail Global USA subsidiary has signed agreements with energy company Carrizo Oil & Gas (Houston, TX) to enter into an unincorporated joint venture, under which Gail Global USA will acquire a 20% interest in Carrizo's Eagle Ford shale acreage position. The jv will have 20,200 acres, out of which Gail will have 4,040 acres spread over four counties in Texas. The total investment will be about $300 million over the next five years, and it includes upfront cash payment of $63.7 million and a carry amount of $31.3 million linked to...

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