Oil India, IOC buy stake in US shale assets for $82.5m

State-run firms Oil India  Ltd and Indian Oil Corp have jointly bought a 30 percent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colarado for USD 82.5 million, the companies said in a statement.

Oil India will acquire 20 percent and Indian Oil Corp will get 10 percent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries.

"The total investment for the two companies would be around USD 82.5 million, including upfront cash payment of USD 41.25 million and a carry amount of USD 41.25 million, linked to Carrizo's future drilling and development cost," the statement said.

Carrizo has 61,500 gross acres in the Niobrara basin, of which the Oil India-IOC consortium will have 18,450 acres, spread over three counties in Texas.