ONGC(Oil and Natural Gas Corporation) and Oil India to Set New Natural Gas Prices 20% Above Current Rates.

Economy Business

On Monday, the Ministry of Petroleum and Natural Gas approved a new pricing policy for gas from new wells or well interventions in ONGC and Oil India Ltd.’s nominated fields. Gas from these sources will be priced at a 20% premium over the current administered price mechanism (APM), set at 10% of the Indian crude basket price. The new price will be 12% of the crude basket price. This initiative aims to enhance the viability of new gas projects and boost domestic production by making such developments more economically attractive.


      Gas from these new sources will be priced at a 20% premium over the current administered price mechanism (APM) or domestic gas price.

      The initiative aims to improve the economic feasibility of new gas development projects and incentivize increased domestic gas production.

     

 

     


About ONGC,

Chairman & CEO : Arun Kumar Singh
Headquarters: New Delhi
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