Reliance Industries subsidiary signs agreement to sell assets in Eagleford shale play of Texas, USA

Reliance Industries Limited (RIL) owned step-down subsidiary Reliance Eagleford Upstream Holding, LP (REUHLP) on Monday announced the signing of agreements with Ensign Operating III, LLC for the sale of its upstream assets in the Eagleford shale play of Texas in the United States of America (USA).

As per the RIL press release, 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) has been signed between REUHLP and Ensignon November 5, 2021 for this sale. The sale is at a consideration higher than current carrying value of the assets," the release read.

The Citigroup Global Markets, Inc. acted as the financial advisor to Reliance and Gibson, Dunn & Crutcher LLP served as its legal counsel.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor