Reliance exits from overseas oil, gas blocks

Reliance exits from overseas oil, gas blocks

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 US for $ 126 million, a third of the price it paid seven years ago. RIL held stakes in three US shale gas ventures - 45% with Pioneer Natural Resources in the Eagle Ford shale play; 40% with Chevron and 60% 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.

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