Reliance Industries, BP plc of United Kingdom links gas price to Brent crude oil index

Reliance Industries Ltd and its partner BP plc of the UK have reverted to oil indexation for pricing the gas they produce from India’s largest private-sector operated field in the KG basin as they look to tap into the upside from the buoyant oil market.

Reliance and BP in a tender have sought bids from buyers for 4 million standard cubic meters per day of gas from the KG-D6 block in the Bay of Bengal starting December 1, 2023.