Reliance Industries, Carrizo Oil exit shale asset in Pennsylvania

REUTERS - Indian oil-to-telecoms conglomerate Reliance Industries Ltd signed a deal to exit a U.S. shale asset, a move that marks the end of its seven years of investment which slumped into losses due to the global oil price downturn.

Houston-based Carrizo Oil & Gas Inc, the operator of the Marcellus shale in north-eastern and central Pennsylvania, also exited its investment, Reliance said in a statement on Friday.

BKV Chelsea LLC, an affiliate of energy investment firm Kalnin Ventures LLC, bought the asset for $126 million, the statement said.

(Reporting by Tanvi Mehta in Bengaluru and Promit Mukherjee in Mumbai; Editing by Amrutha Gayathri)