Marcellus Shale Drilling Goes International
1 min readIndian company acquires stake in over 100,000 acres in central, northeastern PA
Munley, Munley, Cartwright, PC
As companies discover how lucrative the Marcellus Shale region has become, more and more are trying to buy a stake to the rights of the mineral-rich property. Reliance Industries Ltd., India’s largest private-sector company, has just acquired a 60 percent stake in 104,400 Marcellus acres in central and northeastern Pennsylvania.
Reliance, which has already invested $3 billion in the purchase of shale-gas assets in Pennsylvania, believes they could yield close to 3.4 trillion cubic feet of gas. They also anticipate drilling 1,000 wells in the area over the next decade.
