Reliance Industries Ltd has sold its stake in a shale gas asset in the US to Northern Oil and Gas Inc for USD250 million. Reliance, which was once bullish on shale gas, has been divesting these assets over the past five years as the business has been adversely affected by falling crude prices.

?Reliance Marcellus LLC (RMLLC) a wholly-owned subsidiary of RIL announced the signing of agreements to divest all of its interest in certain upstream assets in the Marcellus shale play of south-western Pennsylvania,? Reliance Industries said in a regulatory filing today.

Reliance said the assets were operated by various affiliates of EQT Corporation. Besides receiving $250 million in cash, the Mukesh Ambani company has got warrants to purchase 3.25 million common shares of Northern Oil and Gas at an exercise price of $14 per common share in the next seven years.

Reliance had invested $8.2 billion in the assets in the last decade. It held stakes in three US shale gas ventures: two at Marcellus and one at Eagle Ford in Texas.

Reliance held a 45 per cent stake in a joint venture with Pioneer Natural Resources at Eagle Ford. It held 40 per cent in a joint venture with Chevron in one asset at Marcellus, while it held 60 per cent in the other asset there with  Carrizo Oil & Gas the partner.

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