India's Reliance Exits Marcellus Shale Play
India’s Reliance Industries has divested some upstream assets in the Marcellus shale play of southwest Pennsylvania for $250mn, it said in a February 4 statement.
These assets are operated by EQT Corporation and have been sold to Delaware-based Northern Oil and Gas. A purchase and sale agreement was signed between Reliance Marcellus, a wholly-owned subsidiary of Reliance, and Northern on February 3. The transaction is subject to customary terms and conditions of closing, Reliance said.
Reliance invested in various US shale gas assets between 2010 and 2013. It bought stakes in three exploration joint ventures with Chevron, Pioneer Natural Resource, and Carrizo Oil and Gas, and a midstream joint venture with Pioneer. Since 2015, it has gradually divested most of these positions.