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The Silicon Review Asia

India considering a floor price for natural gas from local fields to help ONGC

India considering a floor price for natural gas from local fields to help ONGC

India is considering a new floor price for natural oil and gas produced from the local fields to enable the Oil & Natural Gas Corp. as there is a rise in the tariff prices. The proposal is being considered by the oil ministry, pegs the price to the popular benchmark Japan-Korea Marker used for LNG tariff in North Asia. India's oil ministry has formed a panel to explore other options to make gas production remunerative.

ONGC has gathered information about the price of natural gas produced from domestic fields and has fallen to the lowest in a decade and is below the fuel's imported price. Prices are linked to some international gas markets such as the U.S., Canada, Russia, and the U.K. A global glut that led to a price crash is threatening to undermine investments and turn ONGC and Oil India's gas businesses unviable.

ONGC's average cost of gas production is about $3.7/mmBtu; the company said on June 30, while the current regulated price of natural gas is $2.39 per million British thermal units, estimated to decline further the next six months beginning. An oil ministry spokesman declined to comment. India's biggest explorer produces more than 60 million standard cubic meters of gas daily from such fields where the government regulates the price.

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