4 Feb 2021

Reliance sold Pennsylvania shell asset in 25 million dollars

 businessman Mukesh Ambani's Reliance Industries Ltd has sold its stake in US-based shell gas asset to nothern Oil&gas Inc for $250 million.

"Reliance Marcellus, LLC (RMLLC), a wholly owned subsidiary of Reliance Industries Limited (RIL), has signed agreements to sell its assets in Marcellus Shell Play, southwestern Pennsylvania," the company said in a statement.

The company said these assets have been sold to Northern Oil and Gas Inc. for $ 250 million in cash and warrants. A purchase and sale agreement (PSA) was signed between the two companies on 3 February 2021 in this regard.

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