India’s natural gas market will witness its first e-auction next month when Mukesh Ambani-led Reliance Industries Ltd and its partner, UK energy major BP plc, kicks off bidding for gas from their $5-billion offshore project in the east coast.
This will be the first time that gas produced from a domestic field will be e-auctioned, a practice the Narendra Modi government had introduced for giving out telecom spectrum and coal blocks after the Supreme Court struck down the allocation methods followed earlier.
We expect the independent agency appointed for conducting the auction will be able to conduct the auction on October 10 once the pre-requisites are completed,” a senior BP executive told TOI. Read more
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