In e-auction, intense bidding war for KG-D6 gas

To secure the natural gas supplies from KG-D6 block, around 14 users across the sectors were engaged in bidding war for seven and half hours. Among the bidders, Reliance Industries Ltd secured most of the supplies. Reliance Industries Ltd and its partner BP Plc, UK, offered 5.5 million standard cubic meters per day of additional gas in the auction.

In their Bay of Bengal KG-D6 block, these two players are bringing a second set of gas discoveries. Companies like Indian Oil Corporation (IOC), Reliance O2C, GAIL Gas, Adani Total Gas Ltd, Torrent Gas, and Torrent Power participated in the auction. Furthermore, some gas trading companies like GAIL, Shell and IGS were also part of the biding war.

In the end result of the bidding war, Reliance O2C secured 3 mmscmd of supplies. Another 1 mmscmd was bagged by India Gas Solutions (IGS) – a gas sourcing and marketing joint venture of Reliance and BP. IOC also secured a similar volume. Other occupiers of the gas supplies are Adani Gas (0.15 mmscmd), GAIL (30,000 cubic meters per day), IRM Energy (0.10 mmscmd), and Torrent Gas (20,000 cubic meters per day).