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State-owned Oil India Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million — the second exit of an Indian firm from the US shale business in two months. “Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire ...

India's stock benchmarks rose for the fourth consecutive week on Friday, the longest winning streak since the week ended September 24, 2021, aided by gains in energy, realty, PSU banks and metal stocks. The S&P BSE Sensex and NSE Nifty 50 snapped a five-day winning streak, closing with marginal losses. Sensex erased intraday losses to close little changed at 61,223.03. The Nifty 50 also closed flat at 18,255.75. Both the measures shed over 0.75% in intraday trade.

The state-owned company has sold its stake in Niobrara shale asset to Delaware-based Verdad Resources.

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"Oil India(USA)Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA." 

Get latest articles and stories on Latest News at LatestLY. State-owned Oil India Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million -- the second exit of an Indian firm from the US shale business in two months. Latest News | Oil India Exits US Shale Venture, Sells 20 Pc Stake for USD 25 Mn.

Oil India Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million - the second exit of an Indian firm from the US shale business in two months. Get more India News and Business News on Zee Business.

State-owned  Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for $25 million -- the second exit of an Indian firm from the US shale business in two months. "Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA," a regulatory filing by the company said, adding the

The move by OIL follows Reliance Industries Ltd's exit from US shale, which has not been attractive in generating returns.

OIL, whose assets in the northeast account for its entire crude oil production and the bulk of gas production, had aggressively scouted for overseas assets in the last decade