Reliance Industries Ltd and its partner bp plc of UK have reverted to oil indexation for pricing the gas they produce from India’s largest private-sector operated field in 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 KG-D6 block in Bay of Bengal starting December 1, 2023.
They want users to quote a price indexed to Brent crude oil price, according to the tender document. The firm had in recent previous auctions, the last being in May this year, sold gas indexed to international gas benchmark, JKM.
