The Race for Oil – two

By Jyoti Mukul, Friday, June 30, 2006.

NEW DELHI: The world’s biggest coal bed methane (CBM) producer BP Exploration, state-owned Oil and Natural Gas Corporation (ONGC), Reliance Industries Ltd (RIL), Reliance Natural Resources Ltd (RNRL), Essar Oil and Jindal Steel & Power Ltd are among 26 companies eyeing 10 CBM blocks, the bidding for which ended on Friday.

A total of 54 bids were received for extraction of coal bed methane, a gas extracted from coal seams. India is aiming to produce 8-10 million standard cubic metre a day (mmscmd) gas from this source.

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