Reliance Industries and its partner bp plc have re-launched an auction for sale of natural gas from their eastern offshore KG-D6 block after incorporating the government's new marketing rules to give CNG-selling city gas companies first priority over supplies.
Reliance and its partner BP Exploration (Alpha) (BPEAL) will sell 6 million standard cubic meters per day of gas in an e-auction planned for April 3. The price is indexed to the global LNG marker, JKM but will be subject to the government-notified ceiling price. JKM is the Northeast Asian spot price index for LNG delivered ex-ship to Japan and Korea.
The partners had originally planned the auction in January but days before that the Ministry of Petroleum and Natural Gas, on January 13, published new rules for the sale and resale of gas produced from discoveries in deep sea, ultra-deep water and high-pressure-high temperature areas. This led to the auction being suspended and is now being re-launched after incorporating changes.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
Company Name | CMP |
---|---|
Reliance Industries | 2918.40 |
Indian Oil Corp. | 170.30 |
BPCL | 603.70 |
HPCL | 491.40 |
MRPL | 249.95 |
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