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Reliance Industries Ltd sells US shale gas asset for $250 million

Reliance Industries Ltd sells US shale gas asset for $250 million
RIL has been divesting them over the past five years as the business has been adversely affected by falling crude prices
Reliance Industries Ltd (RIL) has sold its stake in a shale gas asset in the US to Northern Oil and Gas Inc for $250 million. RIL, which was once bullish on shale gas, has been divesting these assets over the past five years as the business has been adversely affected by falling crude prices.
“Reliance Marcellus LLC (RMLLC) a wholly owned subsidiary of RIL announced the signing of agreements to divest all of its interest in certain upstream assets in the Marcellus shale play of south-western Pennsylvania,” RIL said in a regulatory filing today. ....

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Reliance unit to sell Marcellus shale asset to Northern Oil and Gas for $250m

Reliance unit to sell Marcellus shale asset to Northern Oil and Gas for $250m
REUTERS/Amit Dave
February 4, 2021
Reliance Marcellus, LLC, a wholly-owned subsidiary of Reliance Industries Limited (RIL), will divest all of its interest in certain upstream assets in the Marcellus shale play of south-western Pennsylvania, the company said on Thursday.
These assets, which are currently operated by various affiliates of EQT Corporation (“EQT”), have been agreed to be sold to Northern Oil and Gas (NOG), Inc, a Delaware corporation, for a consideration of $250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of $14.00 per common share in next seven years. ....

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Oil & Gas Upstream Market Update 2021 - Full Steam Ahead | Exxon Mobil, Royal Dutch Shell, Chevron

Oil & Gas Upstream Market Update 2021 - Full Steam Ahead | Exxon Mobil, Royal Dutch Shell, Chevron
texasguardian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from texasguardian.com Daily Mail and Mail on Sunday newspapers.

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