GAIL scouts for US shale gas assets

State-run gas firm GAIL (India) is scouting for shale gas assets in the United States and is willing to invest around USD 400- USD 500 million, the Mint newspaper reported, citing two unnamed people familiar with the development.

GAIL is likely to look at an asset that was already in production and would be open to either investing in an asset or picking up equity in specific firms, the paper said, adding the company was also open to partner another state-run oil and gas company for the planned venture. The paper said GAIL had issued a request for proposals in December from merchant bankers who can help it identify potential targets and eventually close a deal. GAIL officials could not be immediately reached for a comment.