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Friday, 24 November 2017

Reliance closes Marcellus shale assets in US sale for USD126 mn

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Indian oil-to-telecoms conglomerate, Reliance Industries Limited announced that a subsidiary of its Reliance Holding-USA has closed the sale of its upstream Marcellus shale assets in America to BKV Chelsea for 126 million dollar. Moreover, Reliance added, under the definitive docs, a contingent amount of up to USD 11.25 million may be paid to Reliance between periods 2018 to 2020 based on certain gas price thresholds being achieved.

In 2010, Reliance invested in the US shale gas business, which started incurring losses due to the extended global crude oil price slump. Prior to making a revival this year, oil prices had earlier slumped by more than 50% in less than 2-years on account of a supply glut, from levels of over USD 120 per barrel.


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