Photo: Abhijit Bhatlekar/MintMumbai: Reliance Marcellus II LLC, a subsidiary of Reliance Holding USA Inc. and Reliance Industries Ltd (RIL), said on Friday that it had signed agreements to sell all of its interest in upstream Marcellus shale assets in north-eastern and central Pennsylvania for $126 million. “Additionally, Reliance could receive contingent payments of up to $11.25 million in aggregate based on natural gas prices exceeding certain thresholds over the next three years,” the company said. The Carrizo-operated acreage was one of the three upstream assets in the US in which Reliance had a stake. We will continue to actively manage the remainder of our US shale resources.”A drop in crude oil prices has hit the valuations of oil and gas assets. In June 2010, RIL had invested in the US shale gas business, where it bought a 45% stake in the Eagle Ford shale gas fields, owned by Pioneer, for $1.3 billion.

Source: Mint October 06, 2017 15:33 UTC