Reliance Industries has announced the completion of the sale of one of its three upstream shale gas assets in the US for $ 126 million to BKV Chelsea, an affiliate of Kalnin Ventures LLC, the Mukesh Ambani-led conglomerate said in a statement. The deal was announced on October 6.
The asset, namely Marcellus Shale Play, located in north-eastern and central Pennsylvania was operated by Carrizo Oil. RILBSE 0.46 % had bought 60% stake in it for $392 million inin 2010.
“Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between years 2018 to 2020 based on certain gas price thresholds being achieved,” RIL said in the statement.