Reliance Industries Ltd has exited the last of its shale gas assets in the US after it agreed to sell its holding in Eagleford shale gas assets for an undisclosed sum of money.
RIL, as well as its partner Pioneer Natural Resources Co, are seeking a buyer for their stakes in Eagle Ford Midstream venture as they focus on shale oil production.
RIL signed agreement to take 45 per cent interest in highly prospective Eagle Ford Shale play, the Mumbai-based firm and Pioneer said in separate but almost identical statements.
Reliance has also entered into an agreement with Pioneers existing partner in the Eagle Ford Shale play for about $210 million.
Billionaire Mukesh Ambani's Reliance Industries Ltd has sold its stake in the shale gas asset in the US to Northern Oil and Gas Inc for USD 250 million, the firm said on Thursday.
Stake valued at $4 billion, against initial expectation of $4.5 billion
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
Domestic deals were the flavour of the month as there were 20 such transactions worth $2.77 billion in June 2015.
The state-run company may soon buy nearly 20 per cent stake in two shale gas acreages - Eagle Ford shale and Barnett shale - in the US.
Reliance Industries (RIL) is looking at yet another shale gas acquisition in North America, its third in three months. The transaction is said to be in line with RIL's recent acquisition of a 45 per cent stake in Eagle Ford shale acreage of Pioneer Natural Resources. Sources in the company confirmed the development.
The company had assets in countries like Yemen, Peru, Oman, Myanmar, Columbia, East Timor, Kurdistan and Australia, but it exited almost all these blocks later as part of its portfolio rationalisation
Companies write off investments, shed assets as initial projections go haywire
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
Tata Steel, others sell assets abroad after taking massive impairments.
Ril's shale gas may be impacted due to fracking ban
The Sensex had bounced back with gains of 94 points or 0.3%
From February to mid-March, oil prices receded rapidly.
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