State-owned Oil and Natural Gas Corp. (ONGC) has sought pricing and marketing freedom to help bring to production a one-trillion cubic feet gas discovery that will open up a new sedimentary basin after over three decades. <\/p>\n
ONGC, which has opened for commercial production six out of Indias seven producing basins, has made a significant natural gas discovery in the Gulf of Kutch of Gujarat coast that can produce about three million standard cubic meters per day, a senior company official said. <\/p>\n
This will open up the countrys eighth sedimentary basin the first in over three decades for oil and gas production in two years. <\/p>\n
We can bring to production the find in 23 years time, he said. The present government-mandated gas price of $2.48 per million British thermal unit does not make the discovery commercially viable. Since the find is in shallow waters, it does not qualify to get the $5.56 per mmBtu cap price set for difficult fields, the official said. The current rates of gas are uneconomic, he added. <\/p>\n
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Gas discovery: ONGC for pricing freedom - The Hindu<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" State-owned Oil and Natural Gas Corp. (ONGC) has sought pricing and marketing freedom to help bring to production a one-trillion cubic feet gas discovery that will open up a new sedimentary basin after over three decades. ONGC, which has opened for commercial production six out of Indias seven producing basins, has made a significant natural gas discovery in the Gulf of Kutch of Gujarat coast that can produce about three million standard cubic meters per day, a senior company official said Continue reading