NE BUSINESS BUREAU
MUMBAI, NOV 9
Reliance Industries Limited (RIL) has exited all its business in the upstream oil and gas shale play that was based out of the United States.
A company statement said that Reliance Eagleford Upstream Holding (REULP), a wholly-owned step-down subsidiary of Reliance Industries Limited, announced the signing of agreements with Ensign Operating III, a Delaware limited liability company, to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA.
“With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America,” RIL said.
Reliance said that a Purchase and Sale Agreement has been signed between REUHLP and Ensign on November 5, 2021 for this sale. The sale is at a consideration higher than current carrying value of the assets.
Citigroup Global Markets, Inc. acted as financial advisor to Reliance and Gibson, Dunn & Crutcher LLP served as its legal counsel.
