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Vedanta is looking for buyers for 2.8 Mn cubic meters of natural gas per day from its Barmer block in Rajasthan, with an auction scheduled for February 21. Bidders can request a minimum volume of 50,000 cubic meters per day.
The gas's selling price will be determined by combining the monthly value of the Asian spot LNG benchmark JKM with a variable that bidders propose in the auction. The variable's value will begin at a negative $0.20 per Mn British thermal units (MMBtu). Considering the current JKM value of $9.4 per MMBtu, initial bids would start at $9.2. The gas price will have a floor determined by adding $0.40 to the government-set price ceiling for domestic gas from challenging fields. With the current ceiling at $9.96 per MMBtu, the floor would be $10.36 per MMBtu. The price ceiling is revised every April and October.
Bidders must provide bank guarantees, and Vedanta aims to finalise gas sales agreements with buyers by March 1. The gas will be supplied at the Raageshwari terminal of the Barmer block, connected to the Mehsana-Bhatinda pipeline.
The increased availability of domestic gas is expected to boost consumption, especially since domestic gas tends to be cheaper than imports. Falling international prices have already led to increased imports and domestic consumption.
Indian gas marketers have recently secured multiple LNG import deals to meet the country's future gas demand. In January, GAIL partnered with Vitol for the purchase of 1 Mn tonnes per year of LNG and collaborated with UAE's Adnoc Gas for half a million tonnes per year of LNG.
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