RIL to invest USD 700-900 m in Shale JVs in FY12

Reliance Industries is planning to invest USD 700-900 million in the Shale joint venture in FY12, reports CNBC-TV18 quoting sources.

Out of the total, RIL will pump in USD 330 million in Pioneer Shale JV and around USD 315-520 million in Atlas JV in this fiscal. It is learnt that the investment in the Shale JVs will be made out of the cash reserve and will be part of the development cost. The JVs are expected to accrue resources in excess of 10 tcfe (trillion cu. ft equivalent of gas) and make a meaningful contribution to our earnings within the next few years,