Reliance seeks $12.75 for CBM gas, ONGC wants $9.35

Billionaire Mukesh Ambani’s Reliance Industries Ltd and state-owned Oil and Natural Gas Corporation (ONGC) are separately auctioning natural gas extracted from coal seams at prices linked to Brent crude oil price. Reliance is seeking a minimum USD 12.75 per million British thermal unit for coal bed methane (CBM) from a block in Shahdol district of Madhya Pradesh, while ONGC wants USD 9.35 for the same kind of fuel from North Karanpura in Jharkhand, according to tender documents.