India’s Reliance to invest more in shale gas in 3-5 years

07 June 2012 10:49  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Reliance Industries Ltd (RIL) said on Thursday it is looking at shale gas as a major investment area over the next three to five years, expecting the business to account for a sizeable share in its exploration and production (E&P) portfolio.

“The shale gas business will soon become a significant part of our E&P portfolio and is a major area of investments over the next three to five years,” Reliance chairman Mukesh Ambani said at the company’s annual shareholders’ meeting.

Ambani said that Reliance has so far shelled out more than $3.5bn (€2.8bn) in total investment in US shale gas.

The company currently has three shale gas joint ventures in the US, providing Reliance with around 10 trillion cubic feet (TCF) of net resources, he said.

“All our three joint ventures are now operational and we are selling into competitive markets of Pennsylvania and Texas,” Ambani said.

“The net sales from these JVs are expected to increase ten-fold to nearly 300bcfe [billions of cubic feet equivalent] in the next five years,” the Reliance chairman added.

($1 = €0.80)

By: Pearl Bantillo
+65 6780 4359

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