RIL exits from overseas oil and gas block

New Delhi: Reliance Industries has exited the last of its overseas oil and gas assets after it relinquished two blocks in Myanmar.

“Relinquishment of Myanmar Block M17 and M18 on completion of study/others technical evaluation assessment period,” RIL said in an investor presentation post announcing its second quarter earnings.

With this, the oil-to-telecom conglomerate is left with no conventional oil and gas property overseas. It has just two shale gas assets in the US.

Earlier this month, it sold one of the three shale oil and gas blocks it had in the United States for $126 million, a third of the price it paid seven years ago.

RIL held stakes in three US shale gas ventures — 45 per cent with Pioneer Natural Resources in the Eagle Ford shale play; 40 per cent with Chevron and 60 per cent with Carrizo Oil & Gas in the Marcellus Shale play.

“Reliance signed agreements to divest all of its interest in the upstream shale gas assets operated by Carrizo,” it said in the presentation. “Transaction is expected to close by the end of 3Q FY18.”

The Mukesh Ambani-led firm had in 2007 set up Reliance Exploration and Production (REP) DMCC primarily for acquiring overseas assets.