India’s Reliance Industries Ltd (RIL) has exited from the upstream oil and gas shale industry in North America as the company pursues a net-zero carbon emissions future by 2035. RIL’s wholly-owned subsidiary Reliance Eagleford Upstream Holding (REULP) divested all of its stake in certain upstream assets in the Eagleford shale region in Texas to Delaware-based Ensign Operating III, LLC (Ensign). RIL declined to disclose the value of the transaction.
RIL now owns nil interest in the US shale sector. In 2018, the company divested a part of its interest in some of the Eagleford assets to Sundance Energy for about $100 million. Earlier this year, it sold all of its interest in certain upstream assets in the Marcellus shale region in southwestern Pennsylvania to Northern Oil and Gas (NOG) for $250 million.
