Reliance Industries Ltd.

Reliance Industries is seeking a minimum $12.75 per million British thermal unit for coal bed methane (CBM) from a block in Shahdol district of Madhya Pradesh. Reliance has sought bids for sale of 0.65 million standard cubic meters per day from CBM block SP (West)-CBM-2001/1 for one year beginning April 1, 2023.

In March last year, Reliance sold CBM gas from the Madhya Pradesh block at a big premium to firms, including GAIL, GSPC and Shell. Reliance had sold 0.65 mmscmd of gas from block SP-(West)-CBM-2001/1 at a $8.28 premium over prevailing Brent crude oil prices. The firm had sought bids at a premium over the base of 13.2 per cent of Brent crude oil prices.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.