Reliance Industries (RIL) has demanded a market price of KG-D6 gas instead of USD 4.205 per million British thermal unit rate fixed for five years ending March 31, 2014.
RIL had also on February 21 submitted a proposal seeking a price of equivalent to 12.67% of price of Japan Customs-Cleared Crude (JCC) oil.
CNBC-TV18 sources have also learnt about RIL telling the oil ministry has it can produce additional 35 mmscmd outside of DID3 via the KG-D6 integrated plan. RIL and its partners BP and Niko Resources plan to spend USD 4 billion (Rs 22,000 crore) to develop satellite gas fields off India's east coast, a newspaper reported on Friday, citing company officials and government sources.
RIL holds 60% of the D6 block, BP has 30% and the rest is held by Canadian oil and gas producer Niko.
RIL has also said that it needs clarity on gas pricing to tie up funds. Also watch the accompanying video for more details...
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