Form of words:
Houston: Oil refining and petrochemicals giant Reliance Industries Ltd, controlled by Indian billionaire Mukesh Ambani, is ending its decade-long venture into North American shale gas with the sale of assets to a company backed by private-equity firm Warburg Pincus LLC.
According to a statement on Monday, Ensign Natural Resources LLC agreed to purchase drilling rights in 62,000 net acres in South Texas’ Eagle Ford Shale field at an undisclosed price.
“With this deal, Reliance has sold all its shale gas assets and exited the shale gas business in North America,” the company said in a separate statement. The sale is at “a consideration over and above the current carrying value of the asset”. –bloomberg
read also: ‘No plans to relocate’ – Reliance hits back at speculation about Mukesh Ambani’s London shift
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