Indian conglomerate Reliance has sold a US shale oil and gas asset for $126m. BKV Chelsea, an affiliate of energy investment company Kalnin Ventures, bought the block in the Marcellus shale in Pennsylvania. The price is three of the amount Reliance paid seven years ago. However, the Indian oil-to-telecoms giant said it could receive another $11.25m due to changes in natural gas prices.
Indian conglomerate Reliance has sold a US shale oil and gas asset for $126m. BKV Chelsea, an affiliate of energy investment company Kalnin Ventures, bought the block in the Marcellus shale in Pennsylvania. The price is just a third of the amount Reliance paid seven years ago. However, the Indian oil-to-telecoms giant said it could receive another $11.25m due to changes in natural gas prices.