Reliance Eyes Third Shale Gas Deal in U.S.

Indian energy major Reliance Industries is close to acquiring a stake in a shale gas asset in North America, which will be its third such buy this year, local newspapers reported on Wednesday.

The acquisition of a 50% stake in the asset would be the biggest shale gas deal so far for Reliance, India's largest listed company, the Hindustan Times said, citing industry sources.

Officials at Reliance Industries could not immediately be reached for a comment.

The Business Standard said that Reliance's third shale gas deal would be in line with the company's last deal to buy a 45% stake in U.S. firm Pioneer's Eagle Ford shale acreage in south Texas.

In April, Reliance agreed to pay $1.7 billion to Atlas Energy to form a joint venture and own a 40% stake in Atlas' Marcellus Shale operations in the eastern U.S.