Vedanta is seeking bids at a floor price of $9.57 per mmBtu for natural gas from the Rajasthan block. In the first tranche, the company intends to sell 0.70 mmscmd of gas, and in the second, 0.30 mmscmd.
Gas will be delivered in two phases: the first from April 1 to April 15 and the second from April 16 to May 31. For tranches 1 and 2, the auction will take place on March 17 and March 27, respectively.
The floor price for the auction has been established at $8.57 per mmBtu, one dollar more than the current domestic formula gas price. The sales price shall be 15% of the average Brent price or, if lower, the Platts LNG West India marker plus any premium that bidders may offer.
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