State-owned ONGC seeks buyers for KG gas, wants minimum $6.6 price
State-owned Oil and Natural Gas Corporation (ONGC) on Monday invited bids for the sale of initial 2 million standard cubic meters per day of gas from its KG basin fields at a minimum price of USD 6.6 per mmBtu.
According to the tender document, ONGC intends to start natural gas sale from its KG-DWN-98/2 block, which sits next to Reliance Industries Ltd (RIL)-BP Plc operated KG-D6 fields, from June-end.
Initially, 2 million standard cubic metres per day of gas has been offered for sale through an e-auction.
ONGC has sought bids indexed to Brent crude oil. Bids have been sought at a minimum of 10.5 per cent of the three-month average Brent crude oil price.
