From APM to Brent to LNG: India’s gas auctions splinter into risk curves – 28 Aug 2025

In just last few weeks, an amazing cocktail of auction prices were noticed, each different from the other

The same company has different pricing systems, and it runs both LNG-linked and Brent-linked systems across different blocks

All this also signals a fragmented market where each asset carries a different risk curve.

For buyers, the real challenge is no longer securing volumes, it is choosing which volatility they are prepared to absorb.