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.