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India 8216;s state-run explorer Oil India is in talks with US-based companies,including ConocoPhillips,to buy stake in shale gas assets in the US,its head of finance T.K. Ananth Kumar said on Monday.
We are in talks with some of the US-based companies and ConocoPhillips is one of them. They have met us,Kumar said. ConocoPhillips could not be immediately reached for comment.
Ananth Kumar said his company is looking for a minority stake of between 20-30 percent in US shale acreage with an investment of about 200 million.
Oil India is looking for acreage near Eagle Ford Texas,report said.
Oil India was looking at buying shale gas assets in Latin America,the United States and Australia,Borah said in November.
The United States is the world8217;s top producer of shale gas,a natural gas locked in rock formations considered a top source of future energy.
Indian companies,including Reliance Industries Ltd. and GAIL India Ltd.,have bought shale gas assets in the US as local gas supplies lag demand.
India aims to launch its shale gas exploration policy this year,Oil Minister Jaipal Reddy said in October.
Conoco has leased 220,000 acres in the Eagle Ford shale play in South Texas and 460,000 acres in the Bakken in North Dakota and Montana.
Last year,it also entered into an agreement to buy a majority stake in Goldwyer shale gas project of Australia8217;s Standard Energy in Western Australia8217;s Canning Basin.
