- Sunday, June 15, 2025
By: Shubham Ghosh
RELIANCE Industries Limited (RIL) has come out from the last of its shale gas assets in the US after it agreed to sell its holding in Eagleford for an undisclosed amount. Reliance had bought stakes between 2010 and 2013 in three upstream exploration joint ventures with Chevron, Pioneer Natural Resource and Carrizo Oil and Gas, and a midstream joint venture with Pioneer.
Midstream refers to the processing, storing, transporting and marketing of hydrocarbons.
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“Reliance Eagleford Upstream Holding, LP, a wholly-owned step-down subsidiary of RIL, announced the signing of agreements with Ensign Operating III, LLC, a Delaware limited liability company to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA,” the firm announced in a statement.
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With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America, the statement said.
“A purchase and sale agreement has been signed between REUHLP and Ensign on November 5, 2021, for this sale. The sale is at a consideration higher than the current carrying value of the assets,” it said without giving details.
In 2017, Reliance sold the first of its shale gas business, Marcellus shale in north-eastern and central Pennsylvania, for $126 million (£93 million).
It had in 2010 bought a 60 per cent stake in the asset for $392 million (£289 million).
In June 2015, the company sold its Eagle Ford midstream joint venture with Pioneer Natural Resources in the US for $1 billion (£737 million).
Reliance had spent $46 million (£34 million) in acquiring a 49.9 per cent stake in Eagle Ford and invested a further $208 million (£153 million).
In February this year, it agreed to sell its entire stake in certain upstream assets in the Marcellus shale gas asset in south-western Pennsylvania in the US for $250 million (£184 million).
