Tuesday, October 20, 2020
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
1,782FollowersFollow

Most Popular

Milky Way Galaxy Surrounded By Gases Ejected from Stars

Observations made by a small spacecraft called HaloSat have shown that the Milky Way galaxy is surrounded by a clumpy halo of hot gases...

Larsen & Toubro Rise On Hopes Of Contract For Bullet Train Project

Shares of Larsen & Toubro (L&T) rose over three percent in the hopes of bagging the contract for constructing the 237 km length of...

IBM Revenue Declines For 3 Straight Quarters

Reporting sales declines for three straight quarters, IBM has posted $17.6 billion in revenue in the third quarter of this year, compared to $18...

DDLJ Gets Special Twitter Emoji As It Completes 25 Years

The all-time blockbuster Dilwale Dulhania Le Jayenge (DDLJ) turned 25 on Tuesday, and a special emoji has been launched on Twitter to celebrate the...

Google Introduces Dark Mode And Multiple Account Support

Google on Monday introduced dark mode and multiple account support for its Assistant-powered smart displays like Nest Hub. If users have separate personal and work...

Oral Antiseptics Have Ability To Inactivate Coronavirus

In a fight against the novel coronavirus, scientists have found that certain oral antiseptics and mouthwashes may have the ability to inactivate human coronaviruses. The...

Shahrukh Khan On DDLJ’s Silver Jubliee

Dilwale Dulhania Le Jayenge (DDLJ) is 25 years old on Tuesday, and Bollywood superstar Shahrukh Khan looks back at the 1995 blockbuster that helped...

Facebook’s Watch Option Now Has New Features

Facebook has introduced some exciting features in its video-on-demand platform Watch that is being visited by over 1.25 billion people every month. Facebook Watch is...

Recent Comments