Oil India exits US shale venture, sells 20 pc stake for $25 million - Economic Times

"Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA," a regulatory filing by the company said, adding the consideration received was USD 25 million.

OIL and Indian Oil Corporation (IOC) had together in October 2012 bought a 30 per cent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colorado for USD 82.5 million.

While OIL had acquired 20 per cent, IOC bought 10 per cent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries.

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.