Indian conglomerate Reliance has sold a US shale oil and gas asset for another $11.25m. 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 $126m 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.