Phase behaviour of SDS/iso-amyl alcohol/pine oil/water and SDS/tert-amyl alcohol/pine oil/water systems were investigated for the development of viscoelastic surfactant (VES) based fracturing fluids having lamellar structures. The effects of co-surfactant, alkali, salt and nano-particle on rheology and thermodynamics of the lamellar liquid crystals were investigated. In contrast to tert-amyl alcohol, the use of iso-amyl alcohol as co-surfactant facilitated the formation of water-based gels. However, with subsequent addition of alkali, salt and nano-particles, VES fluid indicated an improvement in viscoelastic properties. Decrease in viscosity was observed with increase in temperature and shear rate. The developed VES fluids were miscible in water and nano-particle induced VES fluid exhibited satisfactory proppant suspension capability.