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RIL exits shale operations in North America
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SME Times News Bureau | 09 Nov, 2021
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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