Vedanta seeks $9.5/MMBtu for Rajasthan gas sale

24 Aug 2023 CW Team

Vedanta Ltd, a billionaire-led company, has launched a tender for the sale of natural gas produced from its Rajasthan block, aiming for a minimum price of USD 9.5 per million British thermal units (mmBtu). In the forthcoming three months, Vedanta plans to extract 0.6 million standard cubic meters per day of gas from the RJ-ON-90/1 block in Rajasthan's Barmer basin.

Users are invited to quote a variable 'P' over and above 14.5% of the Brent crude oil price. The pricing formula includes the lower of Platts LNG WIM and 14.5% of Brent Price + P. The sales gas price is not to fall below USD 9.5 per mmBtu, as stated in the tender document.

This rate represents a nearly 50% premium over the ceiling price of USD 6.5 per mmBtu paid to state-owned producers like ONGC for output from legacy fields. E-bidding for this gas will take place on September 8.

Vedanta's subsidiary holds a 70% stake in the predominantly oil-producing RJ-ON-90/1 Block, with the remaining 30% owned by ONGC. The company has set up the Raageshwari gas terminal to process and deliver natural gas from the block.

Aligned with the 'Natural Gas Marketing Reforms' guidelines, Vedanta has invited proposals to offtake gas from the field, adhering to the Ministry of Petroleum and Natural Gas's e-bidding framework.

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