Oil India has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for $25 million. Oil India (USA) Inc — wholly owned subsidiary of the company — has divested its entire stake in Niobrara shale asset, USA. The stake was sold to Verdad Resources LLC, which is the operator of the asset.
Originally, Oil India had acquired the 20 per cent interest in the liquid rich shale asset in the Denver-Julesburg Basin from Carrizo Oil & Gas, Inc. Carrizo sold its entire stake in the Niobrara asset to Verdad Resources LLC in January 2018. As a result, Verdad became the new operator of the asset.
Oil India, a Navratna Company, is Asia’s oldest and biggest pioneer oil exploration and Production Company.
