RIL exits shale operations in North America

by IANS |

Mumbai, Nov 8 (IANS) Reliance Eagleford Upstream Holding, LP (REUHLP), a wholly owned step-down subsidiary of Reliance Industries Limited (RIL), has announced the signing of agreements with Ensign Operating III, LLC (Ensign), a Delaware Limited liability company, to divest its interest in certain upstream assets in the Eagleford shale play in Texas, the US.

With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America.

A purchase and sale agreement (PSA) was signed between REUHLP and Ensign on November 5 for this sale. The sale is at a consideration higher than the current carrying value of the assets.

Citigroup Global Markets Inc. acted as financial advisor to Reliance, while Gibson and Dunn & Crutcher LLP served as its legal counsel.

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