MUMBAI: Mukesh Ambani-led Reliance Industries Limited (RIL) announced on Sunday the completion of its deal to acquire a 60 per cent stake in the United States-based Marcellus Shale gas asset for $392 million.
RIL had announced on August 5 that it would buy its third Shale gas asset in the United States.
Its subsidiary, Reliance Marcellus II LLC, had signed a definitive transaction agreement to enter into a Marcellus Shale joint venture with the U.S.-based Carrizo.
Carrizo Oil & Gas Inc on Saturday announced that the company closed its previously announced joint venture transaction in the Marcellus Shale with a subsidiary of Reliance Industries Limited.
Joint venture
In connection with the joint venture, Reliance acquired a 20 per cent interest in approximately 52,200 net Carrizo acres in Pennsylvania considered highly prospective for Marcellus Shale natural gas at a purchase price of $65 million.
Reliance paid $11.4 million in cash to Carrizo at closing with $1.7 million more expected later this year.
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