At current price, the lowest price for the 5.5 mmscmd of gas that RIL-BP are auctioning comes to near USD 6.5 per mmBtu. But they will be entitled to a maximum of USD 3.62 per mmBtu ceiling fixed by the government for a six-month period to September 30.
Reliance Industries Ltd and its partner BP Plc of UK have sought bids for sale of 5.5 million standard cubic meters per day of additional natural gas that will be available for sale from their eastern offshore KG-D6 block. The e-auction is slated for April 23 and the gas supply will start from late April or early May, according to the tender document. Bidders will have to quote a price linked to Platts JKM (Japan Korea marker), the liquefied natural gas (LNG) benchmark price assessment for spot physical cargoes. The lowest bid that can be placed is JKM minus USD 0.3 per million British thermal unit. The highest acceptable bid would be JKM plus USD 2.01 per mmBtu.
Reliance Industries Ltd (RIL) and its partner BP Plc of United Kingdom (UK) have sought bids for sale of 5.5 million standard cubic meters per day of additional natural gas that will be available for
Reliance-BP seek buyers for 5 5 mmscmd gas from KG-D6 indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Reliance And BP Invite Bids For Sale Of Gas Produced From KG D6 Basin
Reliance Industries chairman Mukesh Ambani.
Reliance Industries Limited (RIL) and BP Exploration Alpha Limited (BPEAL) have invited bids through online platform companies for the gas produced from the KG D6 basin in Kakinanda.
In a public notice, RIL and BP while inviting bids said they expect to sell the gas from 1 February 2021. The gas produced for KG D6 will be available for sale at the delivery point at Gadimoga near Kakinada, Andhra Pradesh tentatively from 01 February 2021, RIL and BP said in the notice.
Crisil Risk and Infrastructure Solutions has been appointed by the consortium to conduct the bidding process for sale of gas through an online web based electronic bidding platform.