Reliance Industries sells US shale block for $126 million

Firm has invested $9 bn in the three shale assets; transaction to be completed in the third quarter of FY18

The Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday announced sale of its stake in one of its three shale gas blocks in the US, at Marcellus, where it was having a joint venture with Carrizo Oil and Gas, Inc, for $126 million. 

"The assets, which are currently operated by Carrizo Oil and Gas, Inc, were sold to BKV Chelsea, LLC, an affiliate of Kalnin Ventures LLC, for a consideration of $126 million, subject to customary closing terms and conditions," the company said in a statement. RIL has, so far, invested $9 billion in three US shale assets. However, the company