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Oil India will acquire 20 percent and Indian Oil Corp will get 10 percent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries.
"The total investment for the two companies would be around $82.5 mln , including upfront cash payment of $41.25 million and a carry amount of $41.25 million, linked to Carrizo's future drilling and development cost," the statement said.
Carrizo has 61,500 gross acres in the Niobrara basin, of which the Oil India-IOC consortium will have 18,450 acres, spread over three counties in Texas.