Indian companies provide capital for Carrizo Oil & Gas to develop U.S. assets

Carrizo Oil & Gas, a relatively small U.S.-based shale gas company, is acquiring capital from major Indian companies to help develop the Houston-based company's U.S. holdings, the Business Standard reports. Carrizo, which has 21,700 net Utica acres in eastern Ohio, sold a 30 percent stake in its Niobrara shale assets in Colorado to Oil India and the Indian Oil Corporation for $85.2 million. While India's Reliance Industries – another company with which Carrizo has partnered – is attempting to gain a foothold into becoming a U.S. company, the state-controlled Oil and Natural Gas Corporation is partnering to learn the technology for use in India, the article said. For more, read the full story.

National, Ohio