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CCEA to decide CBM price for RIL, Essar

The Cabinet Committee on Economic Affairs today is likely to decide the coalbed methane, or CBM pricing for Reliance Industries and Essar.

The Ministry of Petroleum will send the CBM pricing proposal to CCEA, sources told CNBC-TV18.

Fixing gas price. Reuters

The ministry has already informed the PMO of moving the CCEA on CBM gas price, sources said.

The sources said that the PMO was worried over pricing delay in fixing the price of CBM for RIL and Essar.

In September 2011, Essar submitted the price formula while RIL did the same in February this year, sources told CNBC-TV18.

The petroleum ministry is likely to give merger and acquisition options for gas assets, the sources said.

The ministry is also preparing to venture in the shale gas assets options in North America by July, the sources said.

As the valuations are falling in shale gas assets, the ministry is keen on seeking a pie, the sources said.