RIL in deal to pare assets in second US shale gas project
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NEW DELHI: Reliance Industries (RIL) is selling some of the Eagle Ford shale gas project's ‘assets’ in the US for $100 million to Sundance Energy, marking the company's exit from the second shale gas venture as it sharpens focus on telecom.
The acreages and producing wells assets being hived off are located in Atascosa, La Salle, Live Oak and McMullen Counties of Texas and were not slated to be developed in the near term, the company said in a statement on Tuesday. RIL will retain its interest in the remaining core assets of the Eagle Ford project.
RIL was the first Indian company to have invested in the US shale projects and holds the Eagle Ford assets through Reliance Eagleford Upstream Holding, a subsidiary of both Reliance Holding USA and the Mukesh Ambani-promoted parent. The Sundance deal is expected to close in the first quarter of 2018-19.
In October last year, RIL had sold its assets in north-eastern and central Pennsylvania shale gas projects for $126 million to BKV Chelsea, an affiliate of Kalnin Ventures, as the company increased focus on its telecom and retail businesses at home amid projections of moderate oil and gas prices in the near term.
In 2010, RIL pumped an aggregate amount of $5.7 billion to acquire stakes in three ventures — 45% with Pioneer Natural Resources in the Eagle Ford shale play of Texas, 40% with Chevron and 60% with Carrizo Oil & Gas in the Marcellus Shale play in Pennsylvania.
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