Thursday, Jun 1, 2023
English News
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
    • Rewind
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
  • Rewind
Home | Business | Reliance Buys Two Thirds Of Gas From Kg D6

Reliance buys two-thirds of gas from KG-D6

The auction was held under the liberalised price discovery rules notified by the government that allowed affiliates of the gas producer to bid and buy natural gas.

By PTI
Published Date - 05:56 PM, Sun - 7 February 21
Reliance buys two-thirds of gas from KG-D6
Representational Image.
whatsapp facebook twitter telegram

New Delhi: Billionaire Mukesh Ambani’s Reliance Industries has picked up two-thirds of its own new gas from KG-D6 block that was auctioned under new rules with state-owned GAIL and Royal Dutch Shell getting smaller volumes, sources said.

Reliance and its partner UK’s BP Plc on Friday auctioned 7.5 million standard cubic metres per day of incremental gas from the R-series gas field in the KG-D6 block, benchmarking it to a gas marker for the very first time in the country.

The auction was held under the liberalised price discovery rules notified by the government that allowed affiliates of the gas producer to bid and buy natural gas. Reliance O2C, an affiliate of Reliance, picked up 4.8 mmscmd of gas in Friday’s auction that lasted for seven-and-a-half-hours, sources with direct knowledge of the development said.

State gas utility GAIL (India) Ltd won 0.85 mmscmd of supplies while Shell picked up 0.7 mmscmd. Adani Total Gas Ltd got 0.1 mmscmd, Hindustan Petroleum Corporation Ltd (HPCL) 0.2 mmscmd and Torrest Gas 0.02 mmscmd. Other buyers include IRM Energy (0.1 mmscmd), PIL (0.35 mmscmd) and IGS (0.35 mmscmd), they said.

Sources said the gas was bought at a price of $0.18 per million British thermal unit discount to JKM i.e. price of JKM (minus) $0.18 with tenures ranging from 3 to 5 years. Reliance did not respond to email sent for comments.

This was second time Reliance-BP conducted an e-bidding process which ran on a dynamic forward auction basis for sale of KG-D6 gas. Earlier in November 2019, 5 mmscmd of natural gas was sold at price in range of around 8.6 per cent of Brent crude oil for tenure ranging from 2 to 6 years.

Reliance-BP started production of gas on December 18 last year from the R Cluster ultra-deep-water gas field in block KG D6 off the east coast of India. The duo developing three deep-water gas projects in block KG-D6 — R Cluster, Satellites Cluster and MJ — which together are expected to meet around 15 per cent of India’s gas demand by 2023. R Cluster is the first of the three projects to come onstream and is the deepest offshore gas field in Asia.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .


  • Follow Us :
  • Tags
  • Billionaire Mukesh Ambani
  • GAIL (India) Ltd
  • Gas
  • KG-D6 block

Related News

  • Gas leak incidents that made headlines in past one year

    Gas leak incidents that made headlines in past one year

  • Sensex climbs 210.49 points to 59,778.29 in early trade

    Sensex climbs 210.49 points to 59,778.29 in early trade

  • Sensex, Nifty fall in early trade amid weak trend in Asian equities

    Sensex, Nifty fall in early trade amid weak trend in Asian equities

  • Reliance to invest in 10 gigawatts of renewable solar energy in Andhra: Mukesh Ambani

    Reliance to invest in 10 gigawatts of renewable solar energy in Andhra: Mukesh Ambani

  • Sensex declines 104.33 points to 61,189.87 in early trade

    Sensex declines 104.33 points to 61,189.87 in early trade

  • Supreme Court dismisses SEBI’s review petition against RIL

    Supreme Court dismisses SEBI’s review petition against RIL

Latest News

  • Telangana Formation Day: Traffic restrictions in Hyderabad on June 2

    14 mins ago
  • Hyderabad: Volunteers help snakes stay safe

    34 mins ago
  • Haryana Congress Legislature Party passes resolution condemning ‘atrocities on wrestlers’

    54 mins ago
  • IPL: JioCinema’s digital powerplay ushers new era as more than 12 cr viewers tune-in to watch final

    1 hour ago
  • Donor organs: Demand, supply gap a challenge

    6 hours ago
  • Opinion: Papua New Guinea in focus

    7 hours ago
  • Editorial: Return of the rabble-rouser

    7 hours ago
  • Cartoon: June 1, 2023

    7 hours ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam