Reliance to sell some of its US shale assets to Sundance Energy for US$100 million

Reliance Industries

India’s Reliance Industries Ltd announced recently that it would sell some of its shale assets in US to privately-held Sundance Energy Inc for US$100 million.

This move comes as the Indian oil-to-telecom conglomerate moves closer to exit U.S. shale investments.

The sale includes Reliance’s interest in the assets in the Eagle Ford shale in Texas, it said in a statement.

U.S.-based Pioneer Natural Resources Co, which was a partner in the asset, also exited the blocks.

In November 2014, Reliance and Pioneer announced exiting their stake in shale oil and gas transportation and distribution joint venture, which analysts had said was a precursor to Reliance’s move to exit U.S. shale operations.

The deal, which is expected to close in the first quarter of fiscal 2019, is the second such sale by the Mukesh Ambani-backed Reliance in the United States.

In October, the Reliance sold a similar asset block in the Marcellus shale region in northeastern and central Pennsylvania.

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