Reliance sells MJ condensate
In addition to gas, Reliance and partner BP are auctioning condensate from the MJ-1 gasfield within KG-DWN-98/3, also known as KG-D6.
On November 8 (2023), Reliance and BP invited offers for seven 500,000-barrel condensate cargoes to be offloaded from FPSO Ruby, moored at MJ-1. They will auction the condensate on November 23 (2023) between 11am and 12.30pm on the DGH-approved online bidding platform mjunction.
Pre-bid queries should be sent in by November 17 (2023), and technical bids by November 20 (2023). Reliance and BP will tell bidders the results at 6pm on November 23 (2023), and they want to sign the sale agreement on November 27 (2023).
Whoever wins should take the first condensate cargo between January 1 and January 31 (2024). Two shipments will be available between February 1 and February 29 (2024); the fourth cargo will be available between March 1 and March 31 (2024); the fifth cargo will be available between April 1 and April 30 (2024); the sixth between May 1 and May 31 (2024); and the seventh between June 1 and June 30 (2024).
Reliance-BP says the condensate has an API of 45.3 degrees in its offer document. Bidders must have an installed refining capacity of at least 1m t/y to be eligible.
They must quote in line with the formula: dated Brent (crude oil price) plus 'B' multiplied by dated Brent plus API adjustment factor. 'B' is the biddable percentage up to two decimal points and should be greater than -4%.
This will be Reliance-BP's first MJ-1 condensate production. On October 27 (2023), they invited offers for up to 4m cm/d gas from MJ-1, available from December 1 (2023) for up to ten years.
Online bidding will be held on November 21 (2023) on mjunction.