RIL offloads US shale gas assets as falling crude oil prices dent profits

Reliance Industries had in 2010 bought a 60% stake in the Marcellus shale gas assets for $392 million to form Reliance Marcellus II LLC. Photo: AFP

Reliance Industries had in 2010 bought a 60% stake in the Marcellus shale gas assets for $392 million to form Reliance Marcellus II LLC. Photo: AFP

MUMBAI: Reliance Industries Ltd (RIL) on Friday agreed to sell the first of its shale gas ventures—upstream Marcellus shale gas assets in northeastern and central Pennsylvania in the US—for $126 million.

The assets held by Reliance Marcellus II LLC, a unit of Reliance Holding USA Inc. and Reliance Industries Ltd (RIL), were sold to BKV Chelsea LLC, an affiliate of Kalnin Ventures LLC. It is currently operated by Carrizo Oil & Gas, Inc. In 2010, RIL had bought a 60% stake in the assets for $392 million. 

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Credit: livemint.com