An Indian energy company, Reliance Industries Ltd. (NSE:RELIANCE) is looking at the U.S. shale-gas revolution as a way to continue adding value to its existing business, according to the Hindu Business Line. Senior management has been exploring opportunities in the U.S. shale-gas boom and plans to invest $1.5 billion in it annually for the next three years.
By the first quarter of its current fiscal year, Reliance Industries had already invested $6 billion in shale-gas operations, an investment producing 183.1 billion cubic feet of gas equivalent, consisting of natural gas liquids, condensate and shale gas. The company reported an 84 percent increase in revenue from its U.S. shale-gas operations due to rising production during the first quarter, the Hindu Business Line said.
The Indian energy company has three joint ventures, with Carrizo Oil & Gas Inc. (NASDAQ:CRZO), Chevron Corp. (NYSE:CVX) and Pioneer Natural Resources (NYSE:PXD).