September 29, 2011. GAIL, India's biggest gas transportation firm, has acquired its first shale gas asset in the US with an investment of $95 million. Gail has executed agreements with Carrizo Oil & Gas Inc, a NASDAQ listed company based in Houston, Texas, to enter into an unincorporated joint venture. The joint venture will have 20,200 gross acres, out of which GAIL subsidiary would have 4,040 net acres spread over four counties in Texas. Partners will spend around $300 million over a period of next five years to develop the asset. Major part of these investments would be funded by the GAIL Global. The JV is expected to drill additional 139 wells in the acreage. Carrizo will continue to function as the operator for the joint venture. The JV will include eight wells in the acreage, which are currently producing about 2,350 net barrels of oil equivalent per day, out of which GAIL's share will be 470 barrels of oil equivalent per day.