Reliance Industries Ltd has sold natural gas produced from a coalfield in Madhya Pradesh for over USD 23 to firms, including GAIL, GSPC and Shell, but its price discovery was beaten by smaller explorer HOEC, which sold half of its sales volume for over USD 25.
Reliance sold 0.65 million standard cubic metres per day (mmscmd) of gas from its coal-bed methane (CBM) block SP-(West)-CBM-2001/1 at a USD 8.28 per million British thermal unit premium over prevailing Brent crude oil prices, two sources with direct knowledge of the matter said.
