Reliance Industries NSE -0.10 % has signed an agreement to sell off the last of its shale gas businesses, upstream assets in the Eagleford in Texas, USA, marking the company’s exit from the shale gas play in North America, the Mukesh Ambani-led company said late Monday.
RIL acquired shale gas assets through joint ventures in the US between 2010-2013, as a part of its global energy portfolio diversification plan, But as shale gas prices corrected and the viability of these projects became challenging, the company started divesting these assets.
