Intense bidding for KG-D6 gas in e-auction on DGH-approved platform
SECTIONS
Last Updated: May 13, 2021, 04:29 PM IST
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Synopsis
Gas users companies like Indian Oil Corporation (IOC), Reliance O2C, GAIL Gas, Adani Total Gas Ltd, Torrent Gas, Torrent Power and gas trading companies like GAIL, Shell and IGS were locked in the intense bidding war on the e-auction that happened on May 5, sources in the Reliance-BP consortium said.
Agencies
Reliance-BP has been developing three sets of deepsea fields in the KG-D6 block R-Custer, Satellite Cluster and MJ which together are expected to produce around 30 mmscmd of gas by 2023, meeting up to 15 per cent of India s gas demand.
Read more about O2C, Indian Oil Corp bag supplies in intense bidding for KG-D6 gas on Business Standard. RIL and its partner BP of the UK had offered 5.5 million standard cubic meters per day of additional gas in the auction for a flexible tenure of 3-5 years
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RIL-BP consortium seeks bids for sale of additional gas from KG D6 basin
RIL and BP Exploration Alpha Ltd are currently producing and developing deep water gas fields in the KG D6 block under the production sharing contract with the Indian government.
BusinessToday.In | April 1, 2021 | Updated 17:01 IST
In December, the companies had announced start of production from R Cluster, an ultra-deep-water gas field in block KG D6.
Reliance Industries Ltd (RIL), along with its partner BP, has sought bids from companies to sell the additional gas produced from KG D6 basin off the east coast of India.
RIL and BP Exploration Alpha Ltd are currently producing and developing deep water gas fields in the KG D6 block under the production sharing contract with the Indian government.
Gas Based Economy
The Government of India seeks to increase the share of natural gas in India’s commercial energy basket from 6.3 percent in 2019 to 15 percent by 2030 to make India a ‘gas-based economy’. To reach the target of 15 percent, annual growth in consumption of natural gas has to increase from less than 5 percent in the last decade (less than 3 percent in 2019) to well over 10 percent in the next decade. India’s natural gas consumption in 2019-20 was about 175 mmscmd. To increase consumption to 600 mmscmd by 2030, the annual growth rate in consumption has to be more than 13 percent. This is not an impossible target. In the period 2008-2018, natural gas consumption in China grew by over 13 percent. Behind this double-digit growth rate for natural gas consumption in China was an annual average economic growth rate of over 8 percent, regulatory reform for transparency and flexibility along with focussed policy mandates.