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DAILY NEWS ANALYSIS from HINDU, HT, INDIAN EXPRESS 3 1st July 2017 By JATIN VERMA Educator Unacademy For Daily The Hindu News & Editorial analysis- Visit my Unacademy profile- www.unacademy.com/user/studiousjatin
Page 13 Business: Gas discovery: ONGC for pricing freedom 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 in six out of India's seven producing basins, gas discovery in the Gulf of si Out of India's seven pro 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. This will open up the country's eighth sedimentary basin - the first in over three decades for oil and gas production in two years.
Issue:The present government-mandated gas price of USD 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 USD 5.56 per mmBtu cap price set for difficult fields," the official said. ONGC has asked the government to give us pricing and marketing freedom. . India has 26 sedimentary basins, of which only seven have commercial production of oil and gas. . Except for the Assam shelf, ONGC opened up for commercial production all the other six basins, . Discovery made in the Gulf of Kutch is in shallow waters,but cannot be tied to either the production The Govt. in 2014 evolved a new pricing formula using rates prevalent in gas surplus nations including Cambay, Mumbai Offshore, Rajasthan, Krishna Godavari, Cauvery and Assam-Arakan Fold Belt. facilities in Mumbai High fields or Hazira. like the US, Canada and Russia to determine rates in a net importing country. Prices have halved to USD 2.48 per mmBtu since the formula was implemented. . India's largest natural gas producer is demanding a floor or minimum price of natural gas be fixed at USD 4.2 per mmBtu and rates freed in a years time.
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C secure https://unacademy. Jatin unacademy Explore a Search Courses, Topics&Educators O credits Jatin Verma Follow Worked at Citi Bank. Books, movies, travelling, share trading Have appeared in UPSC CSE twice. Preparing again Activity 20 Courses73.7k Followe5 Folowing Impact Jatin Verma added 2 new lessons 15m 1,307,471 6th July 2017 Part-2: Press Information Bureau Summary and Analysis Gold Bond series-2 6th July 2017 Part-1: Press information Bureau Summary & Analysis Insolvency& Bankruptcy Board of India; Presidential elections Facts and details not given in the basic books Jatin Verma added 2 new lessons 11h 7th July 2017 Editorial-2: Mr Modi in Israel Saudi Arabla-Palestine For Daily Multiple Choice Questions, Visit my Unacademy profile- www.unacademy.com/user/studiousjatin