Reliance Industries’ wholly owned step-down subsidiary -- Reliance Eagleford Upstream Holding, LP (REUHLP) has signed agreements with Ensign Operating III, LLC (Ensign), a Delaware limited liability company to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA.
With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America. A Purchase and Sale Agreement (PSA) has been signed between REUHLP and Ensign on November 5, 2021 for this sale. The sale is at a consideration higher than current carrying value of the assets. Citigroup Global Markets, Inc. acted as financial advisor to Reliance and Gibson, Dunn & Crutcher LLP served as its legal counsel.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
