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

Reportedly, Indian Oil Corporation Limited (IOCL) has sought 2.5 million standard cubic metres per day (mscmd) gas out of the 5 mscmd gas auctioned by Reliance Industries Limited (RIL) last month from KG- D6 block located at eastern offshore. Moreover, IOCL was the top bidder in the last auction as well and has bid the volumes on behalf of seven fertiliser plants. Besides, GAIL Gas Limited, Mahanagar Gas Limited (MGL), 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 (CGD). GAIL (India) Limited and Hindustan Petroleum Corporation Limited (HPCL) 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. The bidders were asked to quote a variable over and above the JKM price, the spot market benchmark for liquefied natural gas delivered to Japan and South Korea.