Oil India Ltd (OIL) has exited from a US shale oil venture, and plans to sell its 20 per cent stake to its venture partner for US$ 25 million.
"Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA," the company said.
While Oil had acquired 20 per cent, IOC bought 10 per cent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries.
OIL and Indian Oil Corporation (IOC) had together in October 2012 bought a 30 per cent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colorado for US$ 82.5 million.
Oil India Limited (OIL) is a fully integrated Exploration & Production company in the upstream sector, with origin dating back to the glorious year (1889) of oil discovery in India.
OIL is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas and is the second largest national oil and gas company in India.
(With inputs from PTI)