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Reliance Industries in talks to acquire Quicksilver Resources
By siliconindia
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Monday, 19 July 2010, 21:48 IST
Bangalore: Indian energy giant Reliance Industries is said to be in talks with Quicksilver Resources, a Fort Worth, Texas-based exploration and production company that is into development of shale gas, coal-bed methane and tight-sands gas in North America.
The talks include buying a part stake or partnering Quicksilver for one of its major projects called the Horn River Basin assets in British Columbia, Canada. Quicksilver, which is estimated to have sales of $900 million this year, currently has two large shale basins with proven reserves of around 2.4 trillion cubic feet. This is apart from unevaluated assets in the Horn River Basin, which is said to hold around 10 trillion cubic feet of gas in an area as small as 130,000 net acres.
According to US oil and gas industry sources, an RIL stake buy or complete buyout of Quicksilver would bring synergies to the Texas firm, and help it to deepen its exploration activities in America and Canada, while preserving its low-cost structure.