Reliance Industries Ltd. revealed that it is going to invest more than US$5 billion over the next three years in its US-based shale gas enterprise. The investment raises the total funding in the business to nearly US$11 billion. Shale gas is the natural gas within shale formations.
Reliance Industries Ltd. acquired its US shale gas assets in 2010 for around US$3.50 billion. The firm have already invested up to US$5.7 billion in the shale gas joint venture up until the quarter ending in June 2013.
"RIL has emerged as a serious shale gas player. We expect RIL to spend another US$5.1 billion during calendar years 2013-2016 and the joint ventures will drill 3,846 wells during the life of the project against 514 drilled till 2012-end," anaylsts said.
Reliance Industries shale gas organization in the US consists of three upstream joint ventures with Pioneer Natural Resources, Carrizo Oil and Gas Inc, and Chevron Corp. Reliance also has a midstream joint venture together with Pioneer.
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