India's Reliance Sheds TX Shale Assets

Posted by Joseph Keefe
Tuesday, March 27, 2018
Reliance Industries Ltd said on Tuesday 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 https://www.bseindia.com/xml-data/corpfiling/AttachLive/ffee7019-ddc0-498a-a7b9-2bd29972adc8.pdf.
U.S.-based Pioneer Natural Resources Co, which was a partner in the asset, also exited the blocks.
In November 2014 https://reut.rs/2GtVQh5, 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.

Reporting by Krishna V Kurup 

Categories: Contracts Energy Finance Legal Mergers & Acquisitions Shale Oil & Gas

Related Stories

SBM Offshore, SLB to Optimize FPSO Performance Using AI

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Brownfield Output Decline Accelerates, says IEA

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

DOF Secures Moorings Hook-Up Job in Asia Pacific

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Current News

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore, SLB to Optimize FPSO Performance Using AI

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com