Reliance Industries and bp plc have decided to price the gas produced from their KG-D6 block in India’s Bay of Bengal based on oil indexation, allowing them to benefit from the strong oil market. They are seeking bids from buyers for 4 million standard cubic meters per day of gas, with the price indexed to Brent crude oil. The starting bid price is set at USD 1.08 per million British thermal unit. The maximum bid value allowed is USD 4.5 per mmBtu. The government-dictated maximum rate for gas from difficult fields is USD 9.96 per mmBtu.
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