Reliance Industries Ltd is seeking a minimum of $14 for selling natural gas being produced from coal seams in a block in Madhya Pradesh as it looks to cash in on the recent spike in energy prices globally.
Reliance sought bids from users for the sale of 0.65 million standard cubic meters per day of gas from its coal-bed methane (CBM) block SP-(West)-CBM-2001/1 for a one-year period beginning April 1, 2022, according to a Notice Inviting Offer (NIO) published by the firm.
Bids have been sought at a premium over the base of 14 per cent of the Brent crude oil price.
