Tuesday, March 9, 2021
Home Business Reliance Industries to sell stake in US-based shale gas operations for $1.07...

Reliance Industries to sell stake in US-based shale gas operations for $1.07 billion

world-class-oil-deposit

Mumbai: Oil refiner-to-retail major Reliance Industries on Monday said it has entered into a deal to sell its stake in its US-based shale gas operations for $1.07 billion.

According to the company, Reliance Holding USA, a subsidiary of Reliance Industries, has entered into a definitive agreements for the sale of its entire holding of 49.9 percent interest in EFS Midstream to an affiliate of Enterprise Products Partners.

“EFS has succeeded in its objective of building the gathering and midstream infrastructure in a timely manner to support ramp-up of the ‘Reliance-Pioneer Eagle Ford Upstream’ joint development operations,” Walter Van de Vijver, president and chief executive of Reliance Holding USA was quoted in a statement.

“EFS has now transitioned from a ‘development’ mode to ‘stable operations’ mode, generating free cash flows since 2013. EFS monetization thus provides a significant opportunity for unlocking value for our shareholders.”

EFS provides gathering, treating and compression services and condensate stabilisation operations in the ‘Eagle Ford Shale’ for the Reliance-Pioneer upstream joint development and to third parties.

Since inception in 2010, EFS has built significant midstream infrastructure, which now comprises of 10 central gathering points, 460 miles of gathering pipelines, 119 Mboepd (thousand barrels of oil equivalents per day) of condensate stabilisation capacity and 780 MMcfd (millions of cubic feet per day) of natural gas treating capacity. (IANS)

 

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Upcoming B-Town Films Inspired From The Great Epics Ramayana and Mahabharata

The epics Ramayana and Mahabharata seem to be the latest favourites of our filmmakers. A host of new films have been launched, with plots...

Representation of Women on Cinema Can Alter How People Percieve Them in Real: Anushka Sharma

On the occasion of International Women's Day, actress Anushka Sharma promises to make sure all her films have progressive women characters. She says it...

Tech Review (Realme Watch S): Affordable Yet Stylish

The love for fitness and style is increasing among the millennials in the country. Keeping this in mind, popular smartphone brand realme has launched...

Women Photographers Making An Impact In Today’s World

"People always call me 'sir' when they first call as they don't expect a woman to be behind the camera" are the words of...

One-Hour One Word Literacy Challenge: A Challenge To Promote Female Literacy

To mark International Women's Day, Indian educationist Sunita Gandhi has invited volunteers from all sections of society to take up the one-hour one Word...

How Multilayered Masks Will Help in Preventing Aerosol Generation

As triple-layered and N95 masks offer best protection from Covid, they must be used where health officials have made it mandatory to prevent aerosol...

Retinal Implants Can Give Artificial Vision To Blind

Researchers are developing a retinal implant that works with camera-equipped smart glasses and a microcomputer that may help blind people in getting an artificial...

Google Advises To Go For “Mental Health Counselling” Over Racism/Harassment Complaints By Employees

Several Google employees have said that the company allegedly suggested them to go for mental health counselling or apply for leave when they complained...

Recent Comments