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Companies including Indraprastha Gas, Gujarat Gas , Mahanagar Gas have seen their margins squeezed because the allocation of natural gas sold under government-set Administered Pricing Mechanism (APM) has fallen because of lower output at domestic wells. To make up the shortfall, the companies have to buy gas on the more expensive open market.
Business News: Reliance Industries and bp plc have decided to price the gas produced from their KG-D6 block in India's Bay of Bengal based on oil indexation, allowin
"The consortium issued a notice inviting offer dated October 27, 2023 and invited offers from interested companies to offtake gas from the gas fields on the price basis specified in Request for Proposal (RFP), commencing from December 1, 2023 at the delivery point located in Gadimoga, Andhra Pradesh," the tender document said.
Record production of 30 mmscmd from the KG D6 field has aided RILs Ebitda to grow 46.7% in the first quarter of this fiscal. The company is confident of higher realisation going forward. The gradual increase in gas output by RIL has again given a glimmer of hope to the stranded gas-based power plants.
Read more about IndianOil top bidder for Reliance's KG gas for 2nd auction in a row on Devdiscourse