India’s Reliance Sells Texas Shale Assets For $100MM

India’s Reliance Sells Texas Shale Assets For $100MM

 
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MUMBAI (TIP): Reliance Industries Ltd said on Tuesday, March 27, its unit would sell some of its shale assets in the United States
 to privately held Sundance Energy Inc for $100 million, as the Indian 
oil-to-telecom conglomerate moves closer to exit U.S. shale investments.


The sale includes Reliance’s interest in the assets in the Eagle Ford shale in Texas, it said in a statement.


U.S.-based Pioneer Natural Resources Co, which was a partner in the asset, also exited the blocks.


In November 2014, Reliance and Pioneer 
announced exiting their stake in shale oil and gas transportation and 
distribution joint venture, which analysts had said was a precursor to 
Reliance’s move to exit U.S. shale operations.




   





The deal, which is expected to close in the first quarter of fiscal 2019, is the second such sale by the Mukesh Ambani-backed Reliance in the United States.


In October, the Reliance sold a similar asset block in the Marcellus shale region in northeastern and central Pennsylvania.



Source:https://www.theindianpanorama.news/unitedstates
/indias-reliance-sells-texas-shale-assets-for-100mm/

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