Oil and Natural Gas Corporation (ONGC) is seeking a minimum $ 17 price for the gas it plans to produce from coal seams in its Bokaro CBM block in Jharkhand. The company invited bids for the sale of 0.20 million standard cubic metres per day of gas it plans to produce from the Bokaro CBM block by the year-end. It sought bids on a formula indexed to the prevailing Brent crude oil price.
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.