Government company Indian Oil Corporation (IOC) has strengthened its position in the field of gas supply. We inform you that in the recent auction held for gas from KG-D6, IOC has secured more than one-third of the natural gas offered by the consortium of Reliance Industries and BP. Sources reported this. Of the 4 million standard cubic meters of gas auctioned last week from the block, IOC received 14.5 million standard cubic meters of gas per day. Oil refining and marketing company IOC was also the leading bidder in the last two gas auctions from the block. It bids this time as a ‘collector’ of compost plants.
Success to Torrent Gas and Gujarat Gas too
City-based gas distribution companies such as Torrent Gas and Gujarat Gas have acquired rights for a total of 22.1 lakh standard cubic meters of gas to sell CNG to vehicles and pipe cooking gas to homes. Two sources familiar with the matter said. According to sources, Gujarat Gas has bought the right to buy 5 lakh standard cubic meters, Torrent Gas has bought 4.5 lakh standard cubic meters, Adani Total Gas Limited has bought 2.9 lakh standard cubic meters, Indira Prastha Gas Limited and Mahanagar Gas Limited have bought the right. . The target of buying three lakh standard cubic meters of gas has been achieved. All gas consuming sectors – fertilizers, city gas distribution, refineries and ‘aggregators’ participated in this auction.
The auction was held on November 24.
A total of 38 successful bidders procured gas through this auction held on November 24. The auction was conducted by a consortium of Reliance and its British partner BP to sell 4 million standard cubic meters of gas from the Krishna Godavari Basin block. Under this auction, gas will be supplied from December 1. The consortium also sold 6 million standard cubic meters of gas in April this year. The contract produces around 29-30 million standard cubic meters from gas fields in the KG-D6 block.
Latest business news.