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.
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.
Seeing the potential of shale gas, Reliance Industries moved early to secure a foothold in the Marcellus shale reserves in the US.
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.
The agreement was one among the several agreements signed during the visit of President Barack Obama.
The company had made its first breakthrough in the US in April when it had acquired 40 per cent stake in Atlas Energy Inc's 3,00,000 acres shale gas property for $1.7 billion. Atlas' Marcellus shale gas project spans parts of West Virginia, Pennsylvania and New York.
Increasing cooperation in critical minerals will top Prime Minister Modi's agenda during his discussions with leaders of Ghana, Argentinia, Brazil and Namibia.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
Speaking at a roadshow organised to promote 34 oil and gas blocks offered in the 9th round of New Exploration Licensing Policy, he said potential of shale gas in India is being examined by oil regulator Directorate General of Hydrocarbons.
Stake valued at $4 billion, against initial expectation of $4.5 billion
First right of refusal may be limited to firms working under NELP, leaving out pre-NELP blocks run by big firms such as RIL and Cairn India.
As such, the Obama Administration has proposed do a resource assessment of certain shale basins in India by the US Geological Survey, and provide workshops to train Indian geophysicists on how to do their own resource assessments.
Ril's shale gas may be impacted due to fracking ban
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.
In its first-ever break through in the United States, Reliance Industries Limited on Friday said its subsidiary Reliance Marcellus LLC would enter into a joint venture with United States-based Atlas Energy.
Fact that RIL will get the much required support from another segment like shale gas is a big positive for the stock.
The prime minister's visit to Washington should focus more on shopping for energy security and stopping the US from snooping on us, reigning in its popular and innocuously operated instruments to gather intelligence like Google, says Tarun Vijay.
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
Reliance Industries on Friday reported a 41.5 per cent jump in its third quarter net profit as oil, retail and telecom businesses fired on all cylinders. Net profit of Rs 18,549 crore in October-December compared with Rs 13,101 crore a year back, the company said in a stock exchange filing. Income from operations rose to Rs 1.91 lakh crore from Rs 1.28 lakh crore.
West Bengal Chief Minister Mamata Banerjee on Thursday said that the state received investment proposals worth Rs 3.42 lakh crore during this year's business summit. Addressing the valedictory session of the Bengal Global Business Summit, she said that a total of 137 Memoranda of Understanding (MoUs) and Letters of Intent (LoI) were signed for the investments. Banerjee also said that the summit would create 40 lakh new jobs across sectors.
The acquisition of stake in Progress Energy Resources Corp's shale gas assets and Pacific NorthWest LNG for 1 billion Canadian dollars ($900 million) marks IOC's maiden entry into North America.
The acquisition of stake in Progress Energy Resources Corp for 1 billion Canadian dollars ($900 million) mark IOC's maiden entry into North America.
At the 45th Annual General Meeting of Reliance Industries (RIL) in August, chairman and managing director (CMD) Mukesh Ambani described the company as an "unputdownable book" with never-ending chapters of success. "Reliance grew from strength to strength because we internalised the founder's mindset of purpose, philosophy and passion," he said. Wednesday marked the 90th birth anniversary of RIL founder Dhirubhai Ambani.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
Equity markets will look for directions from global trends, ongoing quarterly earnings and investment patterns of foreign institutional investors (FIIs) in a holiday-shortened week ahead and may encounter volatility amid the scheduled monthly derivatives expiry, according to analysts. Equity markets will remain closed on Wednesday on account of 'Republic Day'. "This week is a holiday-shortened one and it's going to be critical due to the list of events and data that are lined up.
The agency said the rating revision to stable with apositive outlook reflects continuing strong financial and operating performance.
The Kolkata-based coal miner has tied up with the US-based Advance Resource International Inc for exploration and identification of the potential shale deposits within the company's coal blocks.
Piyush Goyal emphasised that India is committed to pursue a green path to growth.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
GAIL India plans to consolidate presence in petrochemicals and renewable energy, allocate a percentage of annual capital expenditure for exploration and production (E&P), pick up equity in upstream LNG projects abroad, and pursue investments in shale gas projects in and outside.
When people get used to something, they want more of it. But gas will always be short in India. All estimates of gas demand are hugely pessimistic.
Reliance Industries Ltd's $7.2 billion asset sale to BP PLC has given it the firepower to expand more aggressively overseas, potentially pitching it into competition with Asian rivals for big oil and gas deals.
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 Industries will invest $1.7 billion in a project in the United States for extracting gas from shale, a sedimentary rock, in joint venture with Atlas Energy Inc.
London Stock Exchange-listed Essar Energy Plc plans to bid for coal-bed methane (CBM) and shale gas blocks in Indonesia next month.
Reliance has also entered into an agreement with Pioneers existing partner in the Eagle Ford Shale play for about $210 million.
Companies write off investments, shed assets as initial projections go haywire
Since the US, the second biggest emitter of greenhouse gases after China, has shifted in a major way to shale gas, the focus of global environmentalists' ire has fallen on India, which is the third biggest emitter, reports Darryl D'Monte.
The numbers hidden behind the results tell a story of zero-return businesses and lower prospects for the core units
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
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