NEW YORK: New Industries plans to sell a 45% stake in a $100 million shale oil and gas joint venture valued at approximately 45% of its basin value in the Eagle Ford.

RIL has acquired a 45% stake in Pioneer Natural Resources’ Eagle Ford shale play in south Texas for $1. According to industry sources, RIL worked with Citigroup and Bank of America Merrill Lynch to find a buyer, valuing the company at $1.3 billion.

“Reliance is continually working to find ways to create additional value,” a company spokesperson said when contacted, but declined to comment on specific sales.

The spokesperson said, “Reliance Group’s policy is not to comment on market speculation. If we need to disclose, we will do so in due course.”

Pioneer holds 46% of the remaining 9% of the Eagle Ford joint venture, with the remaining 9% of Alpha held by Newpeck LLC under SAB Newpeck. Newpek is also considering selling its stake and has been advised by Tudor Pickering Holt Co.

RIL is also selling its stake in EFS Midstream LLC a company that is an oil and gas gathering, processing and transportation network, people familiar with the matter said.

EFS Midstream operates 11 centralized gathering plants in South Texas.

In a 7 In month investor presentation, RIL said it has been transferring to Pioneer since the company’s inception Co-investments totaled $3.91 1 billion. So far, 472 wells have been drilled with an average production of 676 million standard cubic feet per day.

Since the U.S. Department of Commerce granted a license to Pioneer last year6, the Eagle Ford site, which already covers more than 23 million acres, has become even more attractive. It exports ultra-light oil, or condensate, produced in the region.

In its report, Reliance said the approval “will help alleviate pressure on the shortfall, which remains a key challenge.”

In addition to Eagle In addition to Ford, Reliance Industries has two other shale oil companies in this country. Chevron owns 40 percent of the Marcellus Shale block Carrizo Oil & Gas of central and northeastern Pennsylvania owns a 60 percent interest in the Marcellus Shale block.

The company has invested $870 million in the carizo joint venture and $2.59 billion in the chevron joint venture, according to RIL based on a July report. The total investment in the US is $7.36 billion.