Sector News

India’s Reliance says considering divestment of Eagle Ford midstream business

November 5, 2014
Chemical Value Chain
(Reuters) – India’s Reliance Industries Inc on Wednesday said it had agreed to consider the divestment of its Eagle Ford Shale midstream joint venture with partner Pioneer Natural Resources Co.
 
Reliance owns a 49.9 percent stake in the business, EFS Midstream LLC, while Pioneer is the operator with a 50.1 percent stake in the Eagle Ford midstream system, which consists of 10 central gathering plants and about 460 miles of pipelines.
 
Pioneer will redeploy capital from the sale to its core oil rich assets in West Texas, and currently has no plans to divest its upstream assets in the Eagle Ford shale, the company said in a statement on Wednesday.
 
Reliance, which Reuters reported is seeking a buyer for its 45 percent stake in its Eagle Ford joint oil and natural gas venture, did not mention its plans for the upstream assets.
 
The midstream business was set up in 2010 to construct facilities to handle condensate and natural gas from wells in the Eagle Ford shale and Pioneer’s cash flow from the business is expected to be over $100 million in 2015, according to the company’s statement.
 
Reliance said in a statement to the exchange that its current investment in EFS Midstream was $208 million.
 
Reliance shares were down 0.73 percent at 995 rupees in mid-day trade in a broader Mumbai market that was up 0.17 percent. (Reporting by Aman Shah in Mumbai; Editing by Sunil Nair)

comments closed

Related News

October 17, 2021

Sidel overcomes COVID-19 travel restrictions with remote bottle line tuning in Guinea

Chemical Value Chain

Sidel has remotely assisted Nouvelle Brasserie de Guinée (Braguinée) with the tuning of a 1 L bottle line in Guinea. Braguinée is expanding its carbonated soft drink large format production to meet the growing demand for home consumption

October 17, 2021

Dutch PPE Solutions reduces climate impact of meltblown fibres production by using Borealis Bornewables™

Chemical Value Chain

Dutch PPE Solutions, a joint venture of VDL Groep and Royal DSM, has been able to produce carbon neutral meltblown fabric. Bornewables PP is made from bio-based feedstock derived entirely from waste and residue streams and has ISCC PLUS certification. Borealis is providing Dutch PPE Solutions with renewable PP from its , supporting them in reducing the climate impact of meltblown production.

October 17, 2021

Contract of Covestro CCO Sucheta Govil extended ahead of schedule

Chemical Value Chain

The Supervisory Board of Covestro AG has prematurely extended the contract of Board of Management member Sucheta Govil, which runs until July 2022, by three years from August 1, 2022, to July 31, 2025. Govil has been a member of the Management Board of Covestro since August 2019.

Send this to a friend