Indian Oil made the highest bid in Reliance KG gas block, these companies also participated

The country's largest petroleum company Indian Oil Corporation (IOC) has won nearly half of the bids for gas coming out of the KG gas block of Reliance Industries Ltd and its British subsidiary BP. Let us tell you that natural gas is used in electricity and fertilizer production. With this, it is converted into vehicle fuel and LPG.

Indian Oil Corporation secured 2.5 million standard cubic meters of gas in the fuel auction last month. 50 lakh cubic meters of gas were kept in this auction.

In the previous gas auction of Reliance-BP's eastern offshore KG-D6 block, IOC was also the highest bidder for gas.

Among the city gas distribution companies, Gail Gas Limited, Mahanagar Gas Limited, Torrent Gas, Adani Gas Limited, and Haryana City Gas have bid for a total of five lakh cubic meters per day of gas. These companies convert this gas into CNG and PNG. PNG gas is used in the kitchen.

State gas utility GAIL and refiner Hindustan Petroleum Corporation Ltd (HPCL) got 0.6 mmscmd, while Gujarat State Petroleum Corp (GSPC) got 0.5 mmscmd and Shell 0.2 mmscmd.

Reliance-BP started production two years ago from the second round of discoveries in the deep-sea KG-D6 block in the Bay of Bengal. This is reducing the supply of domestic gas.

Reliance-BP had offered 5 million cubic meters per day of gas in the latest auction for a period of three years from June 1. The auction started on May 19 and ended on May 23. In April, Reliance-BP auctioned about 6 million cubic meters per day of gas. On April 12, OEOC got half of this e-auction. Whereas GAIL got a share of 7 lakh cubic meters. Adani-Total Gas got 4 lakh cubic meters, Shell 5 lakh cubic meters, GSPC 2.5 lakh cubic meters, and IGS got 5 lakh cubic meters of gas.