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. In India, where fracking was banned by law until last year, companies have been able to tap into new reserves that were previously unexploited.
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.