Reliance Industries-British Petroleum consortium has sought bids for selling 6 Million Standard Cubic Meters Per Day from its KG-D6 field, which lies off the eastern coast of India. Bids will be considered for this sale from February 2023 onwards.
Japan/Korea Marker (JKM) price per Metric Million British Thermal Unit (MMBtu) will be the standard for reference of bids, which will be placed as per the formula: JKM price + V. ‘V’ in the aforementioned formula can have a value ranging from -0.30 to 5.01. These bids will be accepted by an e-bidding portal which will only accept bids placed within the above-specified range.
Indian mining giant Vedanta has also invited bids for natural gas produced from its Rajasthan block.