Reliance Industries Ltd. modified its pricing formula to account for the altered energy picture, and it is now requesting a minimum $10 rate for the gas it intends to extract from coal seams.
According to a tender that the business released, Reliance is looking for offers from customers for the 0.90 million standard cubic meters of gas per day that it will produce from coalbed methane (CBM) block SP (West)_CBM-2001/1 in Madhya Pradesh. Users have been asked to quote a premium they are willing to pay over and above 12.67 per cent of the Dated Brent crude oil price.
Gas price shall be higher than 12.67 per cent of Dated Brent plus premium ‘V’; or the government-declared monthly price for conventional gas. The government-mandated price for January is $ 7.82 per mmBtu.
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