On Tuesday, Reliance Industries Limited said it has agreed to sell it’s some of the assets in Eagle Ford Shale position in the US to Sundance Energy Inc. for around $100 million.
According to a RIL note, the sale involves certain acreage, producing wells and related assets in the western portion of it’s Eagle Ford Shale position.
In the remaining Eagle Ford assets, Reliance will continue to retain it’s interest.
The assets are located in Atascosa, La Salle, Live Oak and McMullen Counties, Texas and are not part of the near-term development plan of the joint development.
RIL reports that the sale is expected to close in 1QFY19 and is subject customary closing conditions.
Between the year 2010 and 2013, RIL bought stakes in three upstream oil exploration joint ventures with Chevron, Pioneer Natural Resource, and Carrizo Oil and Gas, and a midstream joint venture with Pioneer.
In 2015, June the firm sold it’s Eagle Ford midstream joint venture with Pioneer Natural Resources in the US.
Shale gas blocks have suffered far more than conventional oil. Reliance is India’s largest oil-to-telecom conglomerate backed by World’s 19th richest man Mukesh Ambani.
RIL is India’s largest private sector company with a consolidated turnover of INR 330,180 crore for the year ended March 31, 2017.