Reliance, Carrizo Oil Exit PA Shale Asset
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. http://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
