Reliance To Sell CBM Gas For US$13/mnBTU

News: Indian conglomerate Reliance Industries (RIL) will start selling coal bed methane (CBM) gas produced from its CBM block in the Indian state of Madhya Pradesh for US$13/mnBtu, reports The Economic Times, citing RIL's President Jayant Parimal. RIL is not waiting for government approval as the contract stipulates the market-discovered price to be approved in 60 days, Parimal said. The company had invited bids for the CBM blocks in Madhya Pradesh in February 2012 and set a price of US$12.93/mnBTU, but the government has since delayed the approval of the price of the blocks.

This article is tagged to:
Sector: Oil & Gas
Geography: India