New Delhi, Dec 21 : RIL-BP announced start of gas production from first of its three cluster fields in KG-D6 basin which heralds a new phase in Indias domestic gas. Axis Capital said in a note that this is India's deepest (more than 6,560 ft) gas project and expected to produce plateau gas of 12.9 mcmd in CY21. RIL sold first 5 mcmd of this gas at 8.4-8.5 per cent of slope to dated Brent in late CY19. It expects peak gas of 30 mcmd from all cluster fields by CY23, contributing 25 per cent to total domestic gas production, the report said. "We are impressed with the execution of KG-D6 project which involved development of complex deep water fields. We assume 20/22.5 mcmd gas production from the basin in FY22/23 at 8.5 per cent and 9 per cent slope to dated Brent crude price," the report said. R-Cluster first gas gets the ball rolling for $5 billion KG-D6 cluster projects. RIL-BP combined are investing $5 billion to develop R-Cluster, satellites cluster and MJ fields in KG-D6 basin. First gas at R-Cluster to be followed by first gas at other two cluster projects targeted in FY22 and FY23. RIL sees plateau gas of 12.9 mcmd at R-Cluster in CY21 and peak gas of 30 mcmd from KG-D6 basin by CY23. RIL's KG-D6 gas has pricing freedom subject to ceiling Owing to complex nature of the deep water projects at KG-D6 basin. RIL sold first 5 mcmd of R-Cluster gas in late 2019 for five years to Essar Steel (2.25), GSPC (1.2), HPCL (0.35), Adani Group (0.3), Mahanagar Gas (0.3) and GAIL (0.3) and rest to GSFC/GNFC at 8.4-8.5 per cent of dated Brent crude price. This currently amounts to $3.7/mbtu, which is lower than ceiling price of $4.06/mbtu. However, crude price of more than $48/bl will enable RIL to charge ceiling price. RIL highlighted earlier that future gas sales from the projects could happen at higher slope, the report said. /IANS