Reliance in talks to buy stake in Quicksilver: Report | business | Hindustan Times
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Reliance in talks to buy stake in Quicksilver: Report

Indian energy major Reliance Industries is in talks with Texas-based Quicksilver Resources, including for a possible buyout of the US firm that develops shale gas and coal-bed methane, the Daily News & Analysis reported today.

business Updated: Jul 19, 2010 10:02 IST

Indian energy major Reliance Industries is in talks with Texas-based Quicksilver Resources, including for a possible buyout of the US firm that develops shale gas and coal-bed methane, the Daily News & Analysis reported on Monday.

The talks also include buying a part stake or partnering Quicksilver for one of its major projects called the Horn River Basin assets in British Columbia, the newspaper said, citing unidentified sources familiar with the development.

Quicksilver, which is estimated to have sales of $900 million this year, currently has two large shale basins with proven reserves of around 2.4 trillion cubic feet, the paper said.

A Reliance spokesman told the paper he would not comment on market speculation.