Reliance Industries and BP scouts for natural gas buyers
NEW DELHI: Reliance IndustriesNSE 0.95 % and BP are seeking buyers for natural gas from their $5-billion deep sea project in the KG D6 block at a time when rates have crashed due to global supply glut.
RIL and BP, which are jointly developing three fields named R-Cluster, Satellites and MJ in KG basin, have launched the process to auction 5 million metric standard cubic meters per day of gas from the R-Cluster field that is slated to start production in April-June 2020. This will be the first output from three fields, which are expected to produce 1 billion cubic feet a day when fully developed in 2022.
