Essar sells CBM gas to GAIL using Reliance formula

摘要

Essar Oil has sold its entireproduction of coal-seam gas orCBM from a West Bengal block tostate-owned GAIL India Ltd usingthe same formula that RelianceIndustries used for pricing of itsCBM. GAIL will buy 2.3 millionstandard cubic metres per day ofcoal-bed methane (CBM) thatEssar Oil and Gas Exploration andProduction (EOGEPL) will producefrom its Raniganj block in WestBengal for $ 7.1 per million Britishthermal unit.