Reliance-BP to compensate gas purchasers for supply shortfall
NEW DELHI: With gas production starting to flag and output lagging supply commitments, Reliance Industries Ltd (RIL) is now offering to compensate gas customers for any shortfall in the contracted supply of natural gas from new fields currently under development. This is the first time the oil and gas giant is offering gas buyers such an assurance.
The company and its partner BP have included the provisions as part of a Gas Sales Purchase Agreement (GSPA) released alongside a Notice Inviting Offer (NIO) seeking buyers for natural gas produced from its new R-Series fields. Part of the Bay of Bengal’s KG-D6 block, these fields are expected to begin production by mid-2020.
