New Delhi Businessman Mukesh Ambani’s Reliance Industries Ltd has sold its stake in a US-based shale gas asset. The stake has been sold to Northern Oil & Gas Inc. for $ 250 million. A purchase and sale agreement (PSA) was signed between the two companies on 3 February 2021 in this regard.
According to the company’s statement, “Reliance Marcellus, LLC (RMLLC), a wholly owned subsidiary of Reliance Industries Limited, has entered into an agreement to sell its assets in Shell Play.” Gas Inc. has been sold for $ 250 million in cash and warrants. Reliance had invested in shale gas assets between 2010 and 2013. Midstream refers to the processing, storage, transportation and marketing of hydrocarbons.
In June 2015, the company sold its Eagle Ford (EFS) Midstream Joint Venture with Pioneer Natural Resources for $ 1 billion. RIL had spent US $ 46 million and invested USD 208 million for a 49.9 per cent stake in EFS. In June 2010, Reliance invested in the US shale gas business, where it bought a 45 percent stake in the Eagle Ford shale gas fields. Chevron Upstream Northeast has a 60 percent stake in the second JV, with RIL holding 40 percent. Reliance worked on shale gas till 2014 before the fall in crude oil prices. On the NSE, Reliance stock is trading around Rs 1920 with a weakness of around 8 points.
Meanwhile, Future Retail Limited has filed an appeal in the Delhi High Court. According to Future Retail, this is an appeal against an order to maintain status quo on a deal of Rs 24,713 crore with Reliance Industries. Veteran e-commerce company Amazon is opposed to the deal.
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