Oil and Natural Gas Corporation (ONGC) is seeking a minimum price of $3.5-4 for the natural gas it plans to produce from coal seams in Jharkhand and a field in Tripura. ONGC has issued separate tenders seeking buyers of 0.02 million standard cubic meters per day of coal-bed methane (CBM) it plans to produce from the North Karanpura CBM block in Jharkhand and 0.1 mmscmd from Khubal field in Tripura.
ONGC has been complaining that the government-notified gas price is way below cost and the company incurs a loss of production and sale of natural gas from most of its fields. Its cost of production ranges from $4.5 to $9 per mmBtu for gas from different sources/fields.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
Company Name | CMP |
---|---|
ONGC | 264.55 |
Oil India | 635.40 |
Jindal Drilling&Inds | 640.25 |
Hind Oil Exploration | 192.90 |
Deep Industries | 277.80 |
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