Houston: Reliance Industries Ltd., the oil refining and petrochemicals giant controlled by Indian billionaire Mukesh Ambani, is ending it’s decade-long venture into North American shale gas with a sale of assets to a company backed by private-equity firm Warburg Pincus LLC.
Ensign Natural Resources LLC agreed to buy drilling rights across 62,000 net acres in the Eagle Ford Shale region of South Texas for an undisclosed price Reliance, according to a statement on Monday.
“With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America,” the company said in a separate to the statement. The sale is at “a consideration higher than current carrying value of the assets.” –Bloomberg
Also read: ‘No plans to relocate’ — Reliance hits out at speculation about Mukesh Ambani’s London shift