After its recent shale gas acquisition in the US for $300 million, India’s largest gas firm GAIL India said on Wednesday it plans to spend another $1 billion (Rs 4,800 crore) in the next one year to acquire new shale gas assets in the US and Canada.
Shale gas is natural gas trapped under rocks.
“We will spend at least $1 billion to acquire new shale gas assets, which will be larger in size than our first acquisition of Eagle Shale Ford assets in the US,” GAIL CMD BC Tripathi told HT while inaugurating the company’s LNG sourcing and trading desk in Singapore — the first of its kind by any Indian oil and gas company so far.
Tripathi said GAIL was in advanced stages of negotiations for acquiring new shale gas assets in the US and Canada.
(The writer’s travel and stay were sponsored by the Energy Market Authority, Singapore)