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Reliance Industries, Carrizo Oil exit shale asset in Pennsylvania
October 6, 2017 / 11:12 AM / 11 days ago

Reliance Industries, Carrizo Oil exit shale asset in Pennsylvania

Oct 6 (Reuters) - Indian oil-to-telecoms conglomerate Reliance Industries Ltd signed a deal to exit a U.S. shale asset, a move that marks the end of its seven years of investment which slumped into losses due to the global oil price downturn.

Houston-based Carrizo Oil & Gas Inc, the operator of the Marcellus shale in north-eastern and central Pennsylvania, also exited its investment, Reliance said in a statement on Friday. bit.ly/2xYqxGS

BKV Chelsea LLC, an affiliate of energy investment firm Kalnin Ventures LLC, bought the asset for $126 million, the statement said. (Reporting by Tanvi Mehta in Bengaluru and Promit Mukherjee in Mumbai; Editing by Amrutha Gayathri)

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