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Oil India exits US shale oil venture 20% stake sold for $2.5 million

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Oil India exits US shale oil venture 20% stake sold for $2.5 million

Public sector oil company Oil India Limited has exited the US shale oil venture. The company has sold its 20 percent stake in the venture to the venture partner for $2.5 million. It is thus the second Indian company to exit the US shale business in two months.

Oil India (USA) Inc. (a wholly owned subsidiary of OIL) has sold its entire stake in Neobara shell properties, the company said. Oil India and Indian Oil Corporation (OIC) jointly bought a 30 percent stake in Houston-based Carizo Oil & Gas’s Neobara shale property in Colorado in October 2012 for $8.25 million.

While OIL subsidiary acquired 20 per cent of the stake, ioc had acquired 10 per cent of the assets of The Neobara Basin in Carizo through its respective subsidiaries.

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