Gail, EDF to Jointly Look for Shale Assets in US

Gail India plans to spent over $1 billion in acquring shale assets in US some of which may be through a joint venture planned with EDF Trading. 

Talking to reporters, company’s Chairman and Managing Director B C Tripathi said that Gail is in discussion with EDF to form a joint venture for sourcing of natural gas and trading in US.

The Indian state owned firm already has has a 20 per cent stake in Carrizo Oil's Eagle Shale gas assets in Texas and has also inked a deal with Cheniere Energy to import LNG from US firm’s shale gas project in Louisiana. The company is looking to enter more such import deals in the US.

Tripathi said the venture with EDF would not just be for sourcing and trading of gas from US but also outside North America as well, Press trust of India reported.