Reliance to sell US’ Marcellus shale gas assets for $250 mn
MUMBAI : Reliance Industries Ltd (RIL) has 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 amid a weakness in the global hydrocarbon market.
The assets, controlled by RIL’s wholly-owned unit Reliance Marcellus LLC and operated by affiliates of EQT Corporation, a US based energy company engaged in hydrocarbon exploration and pipeline transport, will be sold to Northern Oil and Gas (NOG) Inc.
The $250 million deal comprises cash and warrants that entitle RIL to buy 3.25 million common shares of NOG at a price of $14.00 per common share over the next seven years, RIL said in a release.
