Reliance Looking to Sell Stake in Eagle Ford Shale Asset

Reliance Industries (RIL) is scouting for buyers for its 45 percent stake in the Eagle Ford basin shale oil and gas venture in the US, according to Press Trust of India.

The Indian firm, which bought the stake in Pioneer Natural Resources's Eagle Ford asset for $1.3 billion, is looking to get about $4.5 billion from the sale.

Pioneer holds 46 per cent in the Eagle Ford venture while the remaining 9 per cent is with Alpha SAB's Newpeck LLC.

Reliance Industries is also selling its investment in EFS Midstream LLC, an oil and gas gathering treatment and transportation network, sources told Press Trust.

Since inception, Reliance has invested around $3.91 billion in Pioneer joint venture.

Besides Eagle Ford, RIL has two more shale ventures in US - 40 per cent stake in Chevron's Marcellus shale acreage and a 60 per cent interest in Carrizo Oil and Gas' Marcellus shale acreage.