(MENAFN) India's Reliance Industries Ltd announced it is looking to sell its stake in the Eagle Ford Basin oil and natural gas, in a deal which could reach USD4.5 billion in worth, The Peninsula Qatar reported.
Reliance bought a 45 percent interest in the Eagle Ford Basin from Pioneer, which has about 230.000 acres in the property, for USD1.2bn in 2010.
The Eagle Ford Basin asset, which is a three-way joint venture between Reliance; Texas-based Pioneer, and a division of Mexico's Alpha SAB de CV, has 472 wells, with Pioneer owning 46 percent of the joint venture, and Alpha SAB's Newpeck LLC owning 9 percent.
The remaining 45 percent, which Reliance is planning to sell, produces 115,000 barrels of oil equivalent per day, with 60 percent of the production in liquid form rather than gas.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.