IOCL emerges top bidder for Reliance’s KG-D6 gas for second auction in a row

Indian Oil Corporation Limited (IOCL) has reportedly sought 5 million standard cubic metres per day (mscmd) of gas out of the 5 mscmd gas auctioned by Reliance Industries Limited (RIL) last month from the KG-D6 block, located at the eastern offshore. IOCL was the top bidder in the last auction as well and has bid volumes on behalf of seven fertiliser plants. GAIL Gas Limited, Mahanagar Gas Limited, Torrent Gas Private Limited, Indian Oil Adani Gas Private Limited and Haryana Gas Limited have secur­ed a total of 0.5 mscmd gas for city gas distribution. GAIL (India) Limited and Hindustan Petroleum Corporation Limited got 0.6 mscmd each, while Gujarat State Petroleum Corporation Limited and Shell Gas got 0.5 mscmd and 0.2 mscmd respectively. RIL offered 5 mscmd gas in the auction for a period of three years starting from June 1, 2023.